CMC Materials, Inc. (Nasdaq: CCMP), a world-leading provider of consumable materials to semiconductor and pipeline manufacturers, on November 11, 2020, publicized its fourth quarter and full fiscal year 2020 results, which closed on 30 September 2020.
The fourth quarter’s overall revenues were 1.6 percent lower than last year’s quarter as higher demand in CMPs and electronic chemicals as well as higher selling wood were offset by lower sales for pipeline and CMP pads.
In terms of net profits for the quarter, the company’s strategic decision to leave the logging industry in the previous year contributed to $36.9 million as compared to a loss of $20.2 million in the previous year, mainly in view of the impairment burden.
The EBITDA was revised at $84.0 million, down 1.5% from the previous year.
Full-year revenue reported and grew 7.6 percent over the last year, mainly due to full-year revenue, growth of CMP slurries, and increased wood treatment revenues from the acquisition of KMG Chemicals, Inc. in November 2018.
Over the year, it produced cash flow from its operations of $287.3 million, and at the end of the year, it had $257.4 million in cash on hand and $921.4 million in net debt.
I am proud of our results, which provides us with a record year of income and competitiveness even though the pandemic of COVID-19 has thrown about unimaginable challenges and highlights our good performance and resilient businesses. We thank our people for their dedication to pushing our record performance, said David Li, CMC Materials CEO and President.
In fiscal 2021, the company expects our semiconductor customers to be in constant demand led by advanced node changes to help emerging technologies like 5G and boost our pipeline customers’ fundamentals and demand.
The company also reportedly started the year with the rebranding of business to CMC Materials, which will replicate its global emphasis on providing the customers with creative high-value materials.