BUZZ-Entegris falls after Q3 results miss estimates

Reuters11-04

** Shares of chip manufacturing supplier Entegris fall 4.3% to $102.63

** Stock hit a more than 11-month low of $94.92 earlier in the session

** Co posts Q3 revenue of $807.7 mln below estimates of $832.4 mln, according to data compiled by LSEG

** Reports Q3 adj EPS of 77 cents, slightly missing estimates of 78 cents

** CEO Bertrand Loy says 2024 is a transition year for the semiconductor industry; the market recovery is taking longer than anticipated, and 2024 continues to be a year of limited technology transitions

** Customers with significant exposure to AI applications are performing well, but the rest of the industry continues to be challenged - CEO

** Co expects Q4 sales between $810 mln and $840 mln

** Expects Q4 adj EPS in the range of 75 cents to 82 cents

** Avg rating of brokerages is a "buy"; median PT is $140 - LSEG data

** Including the session moves, stock down 14.3% YTD

(Reporting by Sukriti Gupta in Bengaluru)

((Sukriti.Gupta@thomsonreuters.com;))

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