On August 4, Ultra Clean rose 8.39% in pre-market trading, trading at $96.67/share, with turnover of $915,500.
On the news front, the company released its fiscal Q2 earnings report after market close, delivering adjusted EPS of $0.70, beating the analyst consensus estimate of $0.53 by 32%. Revenue came in at $644.9 million, exceeding the expected $587.6 million by approximately 9.8% and representing a 24.3% year-over-year increase from $518.8 million. Adjusted EPS surged 112% from $0.33 in the year-ago period.
Q3 guidance significantly exceeded expectations as well, with the company projecting revenue of $700 million to $750 million and adjusted EPS of $0.83 to $1.03, compared to analyst estimates of $667.4 million in revenue and $0.76 in EPS. Oppenheimer previously noted that Ultra Clean's long-term 2030 targets of $4 billion in revenue and over 20% gross margin are tracking ahead of plan. UBS initiated coverage with a Buy rating and a $130 price target.
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