Comet sees uptick in Q3 sales with semiconductor demand

ZURICH - Comet, a provider of key technologies for the semiconductor industry, reported a 45.6% increase in net sales for the third quarter of 2024, amounting to CHF 113.2 million. This growth marks a significant rise from the CHF 77.7 million in the same quarter of the previous year and a 4.4% increase from the second quarter of 2024. Year-to-date sales until September reached CHF 302.5 million, a 6.2% increase compared to the previous year.

The company attributes the growth to a resurgence in the semiconductor industry, particularly driven by demand for AI application microchips. However, the consumer-related markets remain tentative, and industrial sectors like automotive have shown stagnation, affecting Comet's X-ray divisions.

Comet has also made progress with its strategic growth projects. The July launch of the Synertia RF Matchbox has led to new customer projects and the ongoing qualification of further Synertia RF generators. Additionally, the IXS division is advancing in its commercial negotiations for the CA20 semiconductor inspection solution and is preparing for the market launch of a fully automated fab system in the fourth quarter.

Despite the positive signs in the semiconductor segment, the outlook for industrial sectors remains mixed, with varied performance expected in automotive, aerospace, and security markets due to subdued consumer sentiment and limited momentum.

Given these factors and currency headwinds, Comet has adjusted its full-year 2024 guidance for net sales and EBITDA margin to the lower end of its previous forecast, now expecting CHF 440 million to CHF 480 million in net sales and a 15.0% to 17.0% EBITDA margin.

The company remains optimistic about the long-term growth prospects, driven by the increasing demand for microchip production capacity and new technologies like AI, which are expected to benefit all three of Comet's divisions.

This financial update is based on a press release statement from Comet.

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Source: Investing.com