Entegris ( ENTG ) shares are moving lower on Monday after the company reported worse-than-expected 2024 third-quarter financial results before the market opened.

What To Know: The company reported adjusted EPS of 77 cents missing analyst estimates of 78 cents. In addition, Entegris ( ENTG ) reported sales of $807.69 million, marking a 9% decline year-over-year and missing analyst estimates of $832.38 million.

However, adjusted net sales excluding the impact of divestures increased 7% year-over-year. Entegris ( ENTG ) also reported other key financial indicators, including adjusted EBITDA of 28.8% and adjusted operating margin of 23%.

“2024 is a transition year for the semiconductor industry. The market recovery is taking longer than anticipated and 2024 continues to be a year of limited technology transitions. Customers with significant exposure to AI applications are performing well, but the rest of the industry continues to be challenged,” said Bertrand Loy, president and CEO of Entegris ( ENTG ).

“In this environment, we remain focused on maintaining strong profitability while continuing to fund critical investments that further improve our technology leadership and position us to benefit as market demand accelerates.”

Lastly, the company issued guidance for the 2024 fourth-quarter. Entegris ( ENTG ) anticipates sales between $810 million and $840 million versus analyst estimates of $878.78 million. Furthermore, the company expects adjusted EPS from 75 cents to 82 cents versus analyst estimates of 95 cents.

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ENTG Price Action: At the time of writing, Entergis stock is trading 4.33% lower at $102.41, according to data from Benzinga Pro.

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