By Sam Boughedda
Investing.com — Capital equipment manufacturer Amtech Systems Inc (NASDAQ:ASYS) stock fell 30% Thursday after the company reported a miss on both top and bottom-line results.
Amtech announced earnings per share of 5 cents on revenue of $24.34 million, missing estimates, with analysts polled by Investing.com anticipating an EPS of 9 cents on revenue of $26.03 million.
Last quarter, the company beat EPS estimates by 4 cents, with revenue missing expectations. That day its shares closed the day 1.5% higher.
Michael Whang, CEO of Amtech, was upbeat in his comments, despite saying, "industry-wide logistics and supply chain challenges are creating near-term headwinds."
"Fiscal 2021 was a strong year for Amtech, with over $115 million in bookings and over $85 million in revenue, representing year-over-year growth rates of 84% and 30%, respectively. We are encouraged to see this strength continuing into 2022, with a record backlog of $44.1 million and new quoting activity extending into the second fiscal quarter and beyond," commented Whang.
In a further blow for shareholders, Amtech's outlook also came in below expectations, with the company expecting revenue in the first fiscal quarter to be in the range of $24 million to $27 million. Analysts had predicted revenue guidance for the quarter to be $27.7 million.