Revenue Performance
Revenue was above guidance range and up 2% sequentially. Non-GAAP EPS was at the high end of guidance.
Materials Solutions Growth
Sales for Materials Solutions were up 4% year-on-year, driven by CMP slurries and pads, selective etch, and deposition materials.
Global Manufacturing Expansion
Progress on global manufacturing and supply chain strategy with new facilities in Taiwan and Colorado on track and the opening of the Korea Technology Center.
Debt Reduction Efforts
Paid down $50 million of debt post-Q2. Gross debt is approximately $4 billion with a blended interest rate of about 5%.
Positive China Market Performance
Sequential revenue increase of 8% in China. Year-to-date, China business is flat but a stronger second half is expected.