Strong Financial Performance
First quarter revenue was $936 million, up 8% year-over-year, exceeding the high end of guidance. Gross margins were 47.4% and net earnings per share were $1.71, both at the high end of guidance.
Semiconductor Market Growth
Semiconductor revenue was $413 million, up 3% sequentially and 18% year-over-year. Excluding FX, revenue was up 20% year-over-year.
Electronics and Packaging Success
Revenue from electronics and packaging was $253 million, up 22% year-over-year. Excluding FX and palladium pass-through, sales were up 26%.
Strong Free Cash Flow
First quarter free cash flow was $123 million, over 100% of net earnings and 13% of revenue.
Focus on Debt Reduction
Maintained strong liquidity with $1.3 billion and made a voluntary principal prepayment of $100 million.