The past year was a miserable one for Ultratech (NASDAQ:UTEK)
shareholders. The recurrent theme of the year was that weak 14nm/16nm
yields weighed on orders for new LSA tools, leading to multiples "shifts
to the right" in order and revenue expectations. Expectations for 2014
revenue fell from the range of $180 million to $200 million in late 2013
to $147 million as of this writing and now there is concern as to
whether Ultratech has lost share to Screen Holdings (OTC:DINRY) and Mattson (NASDAQ:MTSN) and whether 10nm might sap the 14nm/16nm cycle altogether.
This
certainly showed up in the stock's performance. Ultratech fell 37% last
year, while Mattson rose more than 19% and Screen rose almost 13% (Applied Materials (NASDAQ:AMAT),
which also sells thermal processing equipment rose more than 36%). It's
not hopeless at Ultratech, and the company does have growth
opportunities in advanced packaging, metrology, and atomic layer
deposition, but 2015 is likely to be a long year for shareholders
without some visibility and encouragement in LSA orders.
Follow this link for more:
Ultratech's Order Outlook Is Murky At Best
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