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Cabot Microelectronics sales halved due to ‘unprecedented low demand’
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CMP slurry and pad supplier Cabot Microelectronics, has updated first quarter financial guidance, noting a revenue decline of 52% compared to the same quarter in 2008 and a 28% decline from the previous quarter on the back of low fab utilization rates. The company expects revenue for its second fiscal quarter to be in the range of US$45 million to US$46 million.
“The continued unprecedented economic and industry weakness in January and February resulted in the lowest quarterly financial results in the history of our company,” noted William Noglows, Chairman and CEO of Cabot Microelectronics Corporation. “We are encouraged by trends we see today in the market. March revenue showed a marked increase from the low level of January and February, and April orders to date are significantly higher than in the same period in March. To meet this increase in demand, most of our manufacturing operations have recently returned to normal work schedules in contrast to the shortened schedules we implemented at the beginning of the calendar year. We are hopeful that the March quarter marked the bottom of this cycle and that we will begin to benefit from improved economic and industry conditions in the near future.”
Cabot follows ASML on calling a potential bottom to quarterly revenue declines from suppliers.