Latest news with #APS
The Advertiser
an hour ago
- Politics
- The Advertiser
Public Service Commissioner cleared after lid lifted on secret investigations
Gordon de Brouwer has revealed he faced two investigations into his conduct throughout the Public Service Commission's response to robodebt, but has been cleared of any wrongdoing. Two separate complaints were made to the Merit Protection Commissioner regarding Dr de Brouwer's oversight of APS Code of Conduct investigations into 16 current and former public servants involved in the robodebt scheme. Dr de Brouwer oversaw the year-long investigation into public servants after the release of the robodebt royal commission report. He ultimately decided to release a public statement naming former secretaries Renee Leon and Kathryn Campbell for breaching their codes of conduct. Ms Leon has expressed her disappointment with the findings while Ms Campbell told The Australian she felt scapegoated. Dr de Brouwer's public statement, released in September 2024, also revealed a further 10 public servants breached their codes of conduct, but did not name them. Merit Protection Commissioner Jamie Lowe, who also led the robodebt code of conduct investigations in a previous role, delegated complaints against Dr de Brouwer to two independent experts who conducted their probes between October 2024 and April 2025. The code of conduct investigations were kept secret until Dr de Brouwer opted to release a statement on Thursday afternoon, revealing none of the allegations had been substantiated and that he had not breached the APS Code of Conduct. "The independent investigations have affirmed my conduct as APS Commissioner in overseeing the robodebt Inquiry ... They have confirmed the propriety of the APSC's robodebt inquiry and its findings," his statement reads. The two investigations were led by John McMillan, a former ombudsman, acting integrity commissioner and information commissioner, and Greg Wilson, a former secretary and acting public service commissioner in the Victorian Public Service. Across both investigations, allegations included: None of these were substantiated. Dr de Brouwer said he opted to release the statement after freedom-of-information documents were released earlier this week, in which he was reasonably identifiable. "It is essential that integrity officers, including myself as Australian Public Service Commissioner, are not exempt from the processes that other public servants are subject to," Dr de Brouwer said in his statement. "The process that I underwent - as it was for those people who were investigated for breaches of the code in the robodebt inquiry - was forensic, thorough, independent and procedurally fair." Do you know more? Contact Gordon de Brouwer has revealed he faced two investigations into his conduct throughout the Public Service Commission's response to robodebt, but has been cleared of any wrongdoing. Two separate complaints were made to the Merit Protection Commissioner regarding Dr de Brouwer's oversight of APS Code of Conduct investigations into 16 current and former public servants involved in the robodebt scheme. Dr de Brouwer oversaw the year-long investigation into public servants after the release of the robodebt royal commission report. He ultimately decided to release a public statement naming former secretaries Renee Leon and Kathryn Campbell for breaching their codes of conduct. Ms Leon has expressed her disappointment with the findings while Ms Campbell told The Australian she felt scapegoated. Dr de Brouwer's public statement, released in September 2024, also revealed a further 10 public servants breached their codes of conduct, but did not name them. Merit Protection Commissioner Jamie Lowe, who also led the robodebt code of conduct investigations in a previous role, delegated complaints against Dr de Brouwer to two independent experts who conducted their probes between October 2024 and April 2025. The code of conduct investigations were kept secret until Dr de Brouwer opted to release a statement on Thursday afternoon, revealing none of the allegations had been substantiated and that he had not breached the APS Code of Conduct. "The independent investigations have affirmed my conduct as APS Commissioner in overseeing the robodebt Inquiry ... They have confirmed the propriety of the APSC's robodebt inquiry and its findings," his statement reads. The two investigations were led by John McMillan, a former ombudsman, acting integrity commissioner and information commissioner, and Greg Wilson, a former secretary and acting public service commissioner in the Victorian Public Service. Across both investigations, allegations included: None of these were substantiated. Dr de Brouwer said he opted to release the statement after freedom-of-information documents were released earlier this week, in which he was reasonably identifiable. "It is essential that integrity officers, including myself as Australian Public Service Commissioner, are not exempt from the processes that other public servants are subject to," Dr de Brouwer said in his statement. "The process that I underwent - as it was for those people who were investigated for breaches of the code in the robodebt inquiry - was forensic, thorough, independent and procedurally fair." Do you know more? Contact Gordon de Brouwer has revealed he faced two investigations into his conduct throughout the Public Service Commission's response to robodebt, but has been cleared of any wrongdoing. Two separate complaints were made to the Merit Protection Commissioner regarding Dr de Brouwer's oversight of APS Code of Conduct investigations into 16 current and former public servants involved in the robodebt scheme. Dr de Brouwer oversaw the year-long investigation into public servants after the release of the robodebt royal commission report. He ultimately decided to release a public statement naming former secretaries Renee Leon and Kathryn Campbell for breaching their codes of conduct. Ms Leon has expressed her disappointment with the findings while Ms Campbell told The Australian she felt scapegoated. Dr de Brouwer's public statement, released in September 2024, also revealed a further 10 public servants breached their codes of conduct, but did not name them. Merit Protection Commissioner Jamie Lowe, who also led the robodebt code of conduct investigations in a previous role, delegated complaints against Dr de Brouwer to two independent experts who conducted their probes between October 2024 and April 2025. The code of conduct investigations were kept secret until Dr de Brouwer opted to release a statement on Thursday afternoon, revealing none of the allegations had been substantiated and that he had not breached the APS Code of Conduct. "The independent investigations have affirmed my conduct as APS Commissioner in overseeing the robodebt Inquiry ... They have confirmed the propriety of the APSC's robodebt inquiry and its findings," his statement reads. The two investigations were led by John McMillan, a former ombudsman, acting integrity commissioner and information commissioner, and Greg Wilson, a former secretary and acting public service commissioner in the Victorian Public Service. Across both investigations, allegations included: None of these were substantiated. Dr de Brouwer said he opted to release the statement after freedom-of-information documents were released earlier this week, in which he was reasonably identifiable. "It is essential that integrity officers, including myself as Australian Public Service Commissioner, are not exempt from the processes that other public servants are subject to," Dr de Brouwer said in his statement. "The process that I underwent - as it was for those people who were investigated for breaches of the code in the robodebt inquiry - was forensic, thorough, independent and procedurally fair." Do you know more? Contact Gordon de Brouwer has revealed he faced two investigations into his conduct throughout the Public Service Commission's response to robodebt, but has been cleared of any wrongdoing. Two separate complaints were made to the Merit Protection Commissioner regarding Dr de Brouwer's oversight of APS Code of Conduct investigations into 16 current and former public servants involved in the robodebt scheme. Dr de Brouwer oversaw the year-long investigation into public servants after the release of the robodebt royal commission report. He ultimately decided to release a public statement naming former secretaries Renee Leon and Kathryn Campbell for breaching their codes of conduct. Ms Leon has expressed her disappointment with the findings while Ms Campbell told The Australian she felt scapegoated. Dr de Brouwer's public statement, released in September 2024, also revealed a further 10 public servants breached their codes of conduct, but did not name them. Merit Protection Commissioner Jamie Lowe, who also led the robodebt code of conduct investigations in a previous role, delegated complaints against Dr de Brouwer to two independent experts who conducted their probes between October 2024 and April 2025. The code of conduct investigations were kept secret until Dr de Brouwer opted to release a statement on Thursday afternoon, revealing none of the allegations had been substantiated and that he had not breached the APS Code of Conduct. "The independent investigations have affirmed my conduct as APS Commissioner in overseeing the robodebt Inquiry ... They have confirmed the propriety of the APSC's robodebt inquiry and its findings," his statement reads. The two investigations were led by John McMillan, a former ombudsman, acting integrity commissioner and information commissioner, and Greg Wilson, a former secretary and acting public service commissioner in the Victorian Public Service. Across both investigations, allegations included: None of these were substantiated. Dr de Brouwer said he opted to release the statement after freedom-of-information documents were released earlier this week, in which he was reasonably identifiable. "It is essential that integrity officers, including myself as Australian Public Service Commissioner, are not exempt from the processes that other public servants are subject to," Dr de Brouwer said in his statement. "The process that I underwent - as it was for those people who were investigated for breaches of the code in the robodebt inquiry - was forensic, thorough, independent and procedurally fair." Do you know more? Contact
Business Wire
a day ago
- Business
- Business Wire
Entegris Reports Results for Second Quarter of 2025
BILLERICA, Mass.--(BUSINESS WIRE)--Entegris, Inc. (NASDAQ: ENTG), today reported its financial results for the Company's second quarter ended June 28, 2025. Bertrand Loy, Entegris' President and Chief Executive Officer, said: 'Our second quarter revenue grew 2 percent sequentially and was above our guidance range. Growth was driven by demand for our unit-driven solutions, particularly CMP consumables, selective etch and deposition materials. Gross margin, EBITDA margin and non-GAAP EPS were all within guidance.' Mr. Loy added: 'Semiconductor industry trends are largely unchanged. AI-enabled applications are driving significant growth in advanced logic and HBM. However, elsewhere, fab activity remains subdued. And in the short term, the uncertainty around trade policies and the macroeconomic environment will continue to have an impact on semiconductor demand. That said, we do expect stronger performance from our business in the second half of this year.' Mr. Loy concluded: 'Looking further ahead, nothing has changed in our long-term view of the industry. We remain very optimistic and continue to have high confidence in the strong long-term growth outlook for the market and Entegris,' he said. 'Our expertise in materials science and materials purity is increasingly valuable for our customers to help them improve device performance and achieve optimal yields. Because of the uniqueness of our value proposition and the quality of our execution, we expect to outperform the market in the years to come.' Quarterly Financial Results Summary (in millions, except percentages and per share data) Third Quarter Outlook For the Company's guidance for the third quarter ending September 27, 2025, the Company expects sales of $780 million to $820 million. We expect GAAP net income to be between $65 million and $76 million and diluted earnings per common share is expected to be between $0.43 and $0.50. On a non-GAAP basis, the Company expects diluted earnings per common share to range from $0.68 to $0.75, reflecting net income on a non-GAAP basis in the range of $104 million to $115 million. The Company also expects Adjusted EBITDA of approximately 27.5% of sales. Segment Results The Company currently operates in two segments: Materials Solutions (MS): MS provides materials-based solutions, such as chemical vapor and atomic layer deposition materials, chemical mechanical planarization slurries and pads, ion implantation specialty gases, formulated etch and clean materials, and other specialty materials that enable our customers to achieve better device performance and faster time to yield, while providing for lower total cost of ownership. Advanced Purity Solutions (APS): APS offers filtration, purification and contamination-control solutions that improve customers' yield, device reliability and cost by ensuring the purity of critical liquid chemistries and gases and the cleanliness of wafers and other substrates used throughout semiconductor manufacturing processes, the semiconductor ecosystem and other high-technology industries. Second-Quarter Results Conference Call Entegris will hold a conference call to discuss its results for the second quarter on Wednesday, July 30, 2025, at 9:00 a.m. Eastern Time. Participants should dial 800-579-2543 or +1 785-424-1789, referencing confirmation ID: ENTGQ225. Participants are asked to dial in 10 minutes prior to the start of the call. For the live webcast and replay of the call, please Click Here. Management's slide presentation concerning the results for the second quarter will be posted on the Investor Relations section of About Entegris Entegris is a leading supplier of critical advanced materials and process solutions for the semiconductor and other high-technology industries. Entegris has approximately 8,000 employees throughout its global operations and is ISO 9001 certified. It has manufacturing, customer service and/or research facilities in the United States, Canada, China, Germany, Israel, Japan, Malaysia, Singapore, South Korea, and Taiwan. Additional information can be found at Non-GAAP Information The Company's condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (GAAP). Adjusted Net Sales, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Segment Profit, Adjusted Operating Income, non-GAAP Net Income, non-GAAP Adjusted Operating Margin and diluted non-GAAP Earnings Per Common Share, together with related measures thereof, are considered 'non-GAAP financial measures' under the rules and regulations of the Securities and Exchange Commission. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company provides supplemental non-GAAP financial measures to better understand and manage its business and believes these measures provide investors and analysts additional and meaningful information for the assessment of the Company's ongoing results. Management also uses these non-GAAP measures to assist in the evaluation of the performance of its business segments and to make operating decisions. Management believes that the Company's non-GAAP measures help indicate the Company's baseline performance before certain gains, losses or other charges that may not be indicative of the Company's business or future outlook, and that non-GAAP measures offer a more consistent view of business performance. The Company believes the non-GAAP measures aid investors' overall understanding of the Company's results by providing a higher degree of transparency for such items and providing a level of disclosure that will help investors generally understand how management plans, measures and evaluates the Company's business performance. Management believes that the inclusion of non-GAAP measures provides greater consistency in its financial reporting and facilitates investors' understanding of the Company's historical operating trends by providing an additional basis for comparisons to prior periods. The reconciliations of GAAP net sales to Adjusted Net Sales (excluding divestiture), GAAP gross profit to Adjusted Gross Profit, GAAP segment profit to Adjusted Operating Income, GAAP net income to Adjusted Operating Income and Adjusted EBITDA, GAAP net income and diluted earnings per common share to non-GAAP Net Income and diluted non-GAAP Earnings Per Common Share and GAAP outlook to non-GAAP outlook are included elsewhere in this release. Cautionary Note on Forward-Looking Statements This news release contains 'forward-looking statements.' The words 'believe,' 'expect,' 'anticipate,' 'intend,' 'estimate,' 'forecast,' 'project,' 'should,' 'may,' 'will,' 'would' or the negative thereof and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are based on current management expectations and assumptions only as of the date of this news release. They are not guarantees of future performance and they involve substantial risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. These risks and uncertainties include, but are not limited to, fluctuations in the demand for semiconductors and the overall volume of semiconductor manufacturing; the impact of global economic uncertainty, including financial market volatility, which may cause or exacerbate negative trends in consumer spending, inflationary pressures and interest rate fluctuations, economic recessions, national debt and bank failures, which may limit our ability to access cash; raw material shortages, supply and labor constraints, and price increases; fluctuations in the Company's revenues and operating results and their impact on the Company's stock price; supply chain interruptions and the Company's dependence on sole, single and limited source suppliers; risks related to the Company's international operations, including challenges in hiring and integrating workers in different countries, maintaining appropriate business practices across the varied jurisdictions in which we operate, and engaging and managing global, regional and local third-party service providers; the impact of regional and global instabilities, hostilities and geopolitical uncertainty, including, but not limited to, the ongoing conflicts between Ukraine and Russia, between Israel and Hamas and other conflicts in the Middle East, as well as the global responses thereto; export controls, economic sanctions, and similar restrictions; tariffs, additional taxes, and other protectionist measures resulting from international trade disputes, strained international relations, and changes in foreign and national security policy; the concentration and consolidation of the Company's customer base; the Company's ability to meet rapid demand shifts; the Company's ability to continue technological innovation and to introduce new products to meet customers' rapidly changing requirements; manufacturing and other operational disruptions or delays; IT system failures, network disruptions, and cybersecurity risks; the risks associated with the use and manufacture of hazardous materials; goodwill impairment; challenges in attracting and retaining qualified personnel; the Company's ability to protect and enforce intellectual property rights; the Company's environmental, social, and governance commitments; legal and regulatory risks, including changes in laws and regulations related to the environment, health and safety, accounting standards, and corporate governance, across the jurisdictions in which the Company operates; changes in taxation or adverse tax rulings; the ability to obtain government incentives and the possibility that competitors will benefit from government incentives for which the Company does not qualify; the amount and consequences of the Company's indebtedness, its ability to repay its debt and to obtain future financing, and the Company's obligations under its current outstanding credit facilities; volatility in the Company's stock price; the payment of cash dividends and the adoption of future share repurchase programs; the Company's ability to effectively implement any organizational changes; substantial competition; the Company's ability to identify, complete and integrate acquisitions, joint ventures, divestitures or other similar transactions; the impacts of climate change; and other matters. These risks and uncertainties also include, but are not limited to, the risk factors and additional information described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the 'SEC') on February 12, 2025, including under the heading 'Risk Factors' in Item 1A, and in the Company's other periodic filings with the SEC. Except as required under the federal securities laws and the rules and regulations of the SEC, the Company undertakes no obligation to update publicly any forward-looking statements or information contained herein, which speak as of their respective dates. Entegris, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In millions, except per share data) (Unaudited) Six months ended Jun 28, 2025 Jun 29, 2024 Net sales $1,565.6 $1,583.7 Cost of sales 857.6 856.1 Gross profit 708.0 727.6 Selling, general and administrative expenses 218.4 228.5 Engineering, research and development expenses 169.1 153.7 Amortization of intangible assets 92.1 97.7 Operating income 228.4 247.7 Interest expense, net 100.1 106.9 Other expense, net 1.1 17.3 Income before income tax expense 127.2 123.5 Income tax expense 11.0 10.1 Equity in net loss of affiliates 0.5 0.4 Net income $115.7 $113.0 Basic earnings per common share: $0.76 $0.75 Diluted earnings per common share: $0.76 $0.74 Weighted average shares outstanding: Basic 151.5 150.7 Diluted 152.0 151.8 Expand Entegris, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In millions) (Unaudited) Jun 28, 2025 Dec 31, 2024 ASSETS Current assets: Cash and cash equivalents $376.8 $329.2 Trade accounts and notes receivable, net 494.1 495.3 Inventories, net 694.6 638.1 Deferred tax charges and refundable income taxes 42.2 39.6 Assets held-for-sale 4.8 5.5 Other current assets 93.0 108.6 Total current assets 1,705.5 1,616.3 Property, plant and equipment, net 1,662.3 1,622.9 Right-of-use assets 79.3 83.4 Goodwill 3,944.9 3,943.6 Intangible assets, net 999.0 1,091.7 Deferred tax assets and other noncurrent tax assets 33.9 12.5 Other noncurrent assets 24.6 24.2 Total assets $8,449.5 $8,394.6 LIABILITIES AND EQUITY Current liabilities Current portion of long-term debt $50.0 $— Accounts payable 156.8 193.3 Accrued liabilities 232.9 250.2 Liabilities held-for-sale 0.9 1.2 Income taxes payable 76.6 80.5 Total current liabilities 517.2 525.2 Long-term debt 3,937.8 3,981.1 Long-term lease liabilities 68.4 72.1 Other liabilities 117.0 124.7 Shareholders' equity 3,809.1 3,691.5 Total liabilities and equity $8,449.5 $8,394.6 Expand Entegris, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In millions) (Unaudited) Three months ended Six months ended Jun 28, 2025 Jun 29, 2024 Jun 28, 2025 Jun 29, 2024 Operating activities: Net income $52.8 $67.7 $115.7 $113.0 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 51.3 47.4 101.2 92.7 Amortization 46.0 47.5 92.1 97.7 Share-based compensation expense 18.6 26.9 32.0 34.8 Provision for deferred income taxes (19.3) (12.8) (35.5) (24.1) Other 22.8 15.1 42.0 55.3 Changes in operating assets and liabilities: Trade accounts and notes receivable 10.3 (35.1) 8.8 (11.9) Inventories (31.0) (15.8) (76.2) (50.7) Accounts payable and accrued liabilities (35.3) (33.7) (25.7) (42.6) Income taxes payable and refundable income taxes (18.1) (15.0) (12.5) (16.9) Other 15.4 19.0 12.0 11.1 Net cash provided by operating activities 113.5 111.2 253.9 258.4 Investing activities: Acquisition of property, plant and equipment (66.5) (59.3) (174.5) (125.9) Proceeds from sale of business, net — — — 249.6 Other (0.1) 0.1 (0.4) (1.9) Net cash (used in) provided by investing activities (66.6) (59.2) (174.9) 121.8 Financing activities: Proceeds from debt 327.0 30.0 507.0 254.5 Payments of debt (327.0) (85.0) (507.0) (728.3) Payments for dividends (15.2) (15.1) (30.6) (30.4) Issuance of common stock 0.1 1.5 1.5 10.5 Taxes paid related to net share settlement of equity awards (2.1) (0.9) (10.1) (15.3) Other (0.6) (0.5) (1.0) (0.9) Net cash used in financing activities (17.8) (70.0) (40.2) (509.9) Effect of exchange rate changes on cash and cash equivalents 6.8 (2.7) 8.8 (7.2) Increase (decrease) in cash and cash equivalents 35.9 (20.7) 47.6 (136.9) Cash and cash equivalents at beginning of period 340.9 340.7 329.2 456.9 Cash and cash equivalents at end of period $376.8 $320.0 $376.8 $320.0 Expand Entegris, Inc. and Subsidiaries Segment Information 1 (In millions) (Unaudited) Three months ended Six months ended Net sales Jun 28, 2025 Jun 29, 2024 Mar 29, 2025 Jun 28, 2025 Jun 29, 2024 Materials Solutions $354.9 $342.3 $341.4 $696.3 $692.3 Advanced Purity Solutions 439.9 472.6 433.9 873.8 895.9 Inter-segment elimination (2.4) (2.2) (2.1) (4.5) (4.5) Total net sales $792.4 $812.7 $773.2 $1,565.6 $1,583.7 Expand Three months ended Six months ended Segment profit Jun 28, 2025 Jun 29, 2024 Mar 29, 2025 Jun 28, 2025 Jun 29, 2024 Materials Solutions $72.5 $70.3 $75.0 $147.5 $137.4 Advanced Purity Solutions 95.9 122.6 108.1 204.0 233.8 Total segment profit 168.4 192.9 183.1 351.5 371.2 Amortization of intangibles (46.0) (47.5) (46.1) (92.1) (97.7) Unallocated expenses (16.3) (15.3) (14.7) (31.0) (25.8) Total operating income $106.1 $130.1 $122.3 $228.4 $247.7 1 The FY 2024 information has been recast to reflect the Company's Q4 2024 realignment into two reportable segments: Materials Solutions (MS) and Advanced Purity Solutions (APS). Expand Entegris, Inc. and Subsidiaries Reconciliation of GAAP Segment Profit to Adjusted Operating Income 1 (In millions) (Unaudited) Three months ended Six months ended Adjusted segment profit Jun 28, 2025 Jun 29, 2024 Mar 29, 2025 Jun 28, 2025 Jun 29, 2024 MS segment profit $72.5 $70.3 $75.0 $147.5 $137.4 Restructuring costs 2 3.0 — 0.1 3.1 — Loss (gain) on sale of business 3 — 0.5 — — (4.3) Impairment of long-lived assets 4 — — — — 13.0 MS adjusted segment profit $75.5 $70.8 $75.1 $150.6 $146.1 APS segment profit $95.9 $122.6 $108.1 $204.0 $233.8 Restructuring costs 2 9.9 — 2.3 12.2 — APS adjusted segment profit $105.8 $122.6 $110.4 $216.2 $233.8 Unallocated general and administrative expenses $16.3 $15.3 $14.7 $31.0 $25.8 Less: unallocated deal and integration costs — (0.8) — — (2.9) Less: unallocated restructuring costs 2 (0.4) — — (0.4) — Adjusted unallocated general and administrative expenses $15.9 $14.5 $14.7 $30.6 $22.9 Total adjusted segment profit $181.3 $193.4 $185.5 $366.8 $379.9 Less: adjusted unallocated general and administrative expenses (15.9) (14.5) (14.7) (30.6) (22.9) Total adjusted operating income $165.4 $178.9 $170.8 $336.2 $357.0 1 The FY 2024 information has been recast to reflect the Company's Q4 2024 realignment into two reportable segments: Materials Solutions (MS) and Advanced Purity Solutions (APS). 2 Restructuring charges resulting from discrete cost saving initiatives, inclusive of employee termination benefit and asset impairment charges. 3 Loss (gain) from the sale of the Company's Pipeline and Industrial Materials ('PIM') business. 4 Impairment of long-lived assets related to a small, industrial specialty chemicals business. Expand Entegris, Inc. and Subsidiaries Reconciliation of GAAP Net Income to Adjusted Operating Income and Adjusted EBITDA (In millions) (Unaudited) Three months ended Six months ended Jun 28, 2025 Jun 29, 2024 Mar 29, 2025 Jun 28, 2025 Jun 29, 2024 Net sales $792.4 $812.7 $773.2 $1,565.6 $1,583.7 Net income $52.8 $67.7 $62.9 $115.7 $113.0 Net income - as a % of net sales 6.7% 8.3% 8.1% 7.4% 7.1% Adjustments to net income: Equity in net loss of affiliates 0.2 0.2 0.3 0.5 0.4 Income tax expense 2.8 6.7 8.2 11.0 10.1 Interest expense, net 50.5 52.5 49.6 100.1 106.9 Other (income) expense, net (0.2) 3.0 1.3 1.1 17.3 GAAP - Operating income 106.1 130.1 122.3 228.4 247.7 Operating margin - as a % of net sales 13.4% 16.0% 15.8% 14.6% 15.6% Integration costs: Professional fees 1 — 0.3 — — 2.3 Severance costs 2 — 0.5 — — 0.6 Restructuring costs 3 13.3 — 2.4 15.7 — Loss (gain) on sale of business 4 — 0.5 — — (4.3) Impairment of long-lived assets 5 — — — — 13.0 Amortization of intangible assets 6 46.0 47.5 46.1 92.1 97.7 Adjusted operating income 165.4 178.9 170.8 336.2 357.0 Adjusted operating margin - as a % of net sales 20.9% 22.0% 22.1% 21.5% 22.5% Depreciation 51.3 47.4 49.9 101.2 92.7 Adjusted EBITDA $216.7 $226.3 $220.7 $437.4 $449.7 Adjusted EBITDA - as a % of net sales 27.3% 27.8% 28.5% 27.9% 28.4% 1 Represents professional and vendor fees recorded in connection with services provided by consultants, accountants, lawyers and other third-party service providers to assist us in integrating CMC Materials into our operations. 2 Represents severance charges related to the integration of CMC Materials. 3 Restructuring charges resulting from discrete cost saving initiatives, inclusive of employee termination benefit and asset impairment charges. 4 Loss (gain) from the sale of the Company's PIM business. 5 Impairment of long-lived assets related to a small, industrial specialty chemicals business. 6 Non-cash amortization expense associated with intangibles acquired in acquisitions. Expand Entegris, Inc. and Subsidiaries Reconciliation of GAAP Net Income and Diluted Earnings per Common Share to Non-GAAP Net Income and Diluted Non-GAAP Earnings per Common Share (In millions, except per share data) (Unaudited) Three months ended Six months ended Jun 28, 2025 Jun 29, 2024 Mar 29, 2025 Jun 28, 2025 Jun 29, 2024 GAAP net income $52.8 $67.7 $62.9 $115.7 $113.0 Adjustments to net income: Integration costs: Professional fees 1 — 0.3 — — 2.3 Severance costs 2 — 0.5 — — 0.6 Restructuring costs 3 13.3 — 2.4 15.7 — Loss on extinguishment of debt and modification 4 — 0.7 — — 12.3 Loss (gain) on sale of business 5 — 0.5 — — (4.3) Impairment of long-lived assets 6 — — — — 13.0 Amortization of intangible assets 7 46.0 47.5 46.1 92.1 97.7 Tax effect of adjustments to net income and discrete tax items 8 (11.5) (10.1) (9.9) (21.4) (23.7) Non-GAAP net income $100.6 $107.1 $101.5 $202.1 $210.9 Diluted earnings per common share $0.35 $0.45 $0.41 $0.76 $0.74 Effect of adjustments to net income $0.31 $0.26 $0.25 $0.57 $0.65 Diluted non-GAAP earnings per common share $0.66 $0.71 $0.67 $1.33 $1.39 Diluted weighted averages shares outstanding 151.9 151.8 152.0 152.0 151.8 1 Represents professional and vendor fees recorded in connection with services provided by consultants, accountants, lawyers and other third-party service providers to assist us in integrating CMC Materials into our operations. 2 Represents severance charges related to the integration of CMC Materials. 3 Restructuring charges resulting from discrete cost saving initiatives, inclusive of employee termination benefit and asset impairment charges. 4 Non-recurring loss on extinguishment of debt and modification of our Existing Credit Agreement in 2024. 5 Loss (gain) from the sale of the Company's PIM business. 6 Impairment of long-lived assets related to a small, industrial specialty chemicals business. 7 Non-cash amortization expense associated with intangibles acquired in acquisitions. 8 The tax effect of pre-tax adjustments to net income was calculated using the applicable marginal tax rate for each respective year. Expand Jun 28, 2025 Jun 29, 2024 Mar 29, 2025 Jun 28, 2025 Jun 29, 2024 Net sales $792.4 $812.7 $773.2 $1,565.6 $1,583.7 Less: divestiture 1 — — — — (33.9) Adjusted net sales (excluding divestiture) Non-GAAP $792.4 $812.7 $773.2 $1,565.6 $1,549.8 1 Adjusted to exclude net sales from the PIM business, which was divested in Q1 2024. Expand Third Quarter Outlook Reconciliation GAAP net income to non-GAAP net income September 27, 2025 GAAP net income $65 - $76 Adjustments to net income: Amortization of intangible assets 46 Income tax effect (7) Non-GAAP net income $104 - $115 Expand Third Quarter Outlook Reconciliation GAAP diluted earnings per share to non-GAAP diluted earnings per share Diluted earnings per common share $0.43 - $0.50 Adjustments to earnings per share: Amortization of intangible assets 0.30 Income tax effect (0.05) Diluted non-GAAP earnings per common share $0.68 - $0.75 *As a result of displaying amounts in millions, rounding differences may exist in the tables. Expand
Time of India
5 days ago
- General
- Time of India
Kargil Vijay Diwas celebrated at Golden Katar Division War Memorial in Gujarat
Kargil Vijay Diwas 2025 was celebrated at the Golden Katar Division War Memorial on Saturday Maj Gen Gaurav Bagga , GOC 11 RAPID (H), led the ceremony and felicitated the war widows. The event, attended by 22 Veterans, 12 war widows, 100 NCC Cadets, 50 APS students, 30 Officers, 10 SMs, and others. Explore courses from Top Institutes in Please select course: Select a Course Category MCA Project Management CXO Degree PGDM Finance Healthcare Design Thinking Data Science MBA Management Digital Marketing Data Science others Artificial Intelligence Leadership Cybersecurity Others Product Management Data Analytics Technology Operations Management healthcare Public Policy Skills you'll gain: Programming Proficiency Data Handling & Analysis Cybersecurity Awareness & Skills Artificial Intelligence & Machine Learning Duration: 24 Months Vellore Institute of Technology VIT Master of Computer Applications Starts on Aug 14, 2024 Get Details Earlier, more than 5,000 participants took part in the Kargil Vijay Diwas Run , which was held in two categories 10 km and 5 km with both races starting and concluding inside the military base. Brigadier Rajesh Kumar, Brigade Commander, 85 Brigade , Gandhinagar said, 'The overwhelming participation in today's run is a testament to the nation's unwavering respect for our Kargil heroes . The Kargil Vijay Diwas Run is more than a sporting event—it's a heartfelt tribute to the courage and sacrifice of our soldiers.'
Daily Mirror
23-07-2025
- Automotive
- Daily Mirror
New UK driving laws to be introduced soon after being 'fast tracked'
A new consultation has been launched on the automated passenger services (APS) permitting scheme and the draft stature instrument, which will dictate the future of self-driving vehicles Fresh motoring regulations will arrive on British roads in the coming months as autonomous vehicles begin their rollout. Labour MP and minister Lilian Greenwood has unveiled a consultation regarding the automated passenger services (APS) licensing framework and the draft statutory instrument. The MP is encouraging both the general public and industry experts to share their perspectives on the future of driverless cars. The APS framework represents a crucial element of the Automated Vehicles Act, which will govern self-driving taxis, bus-style services and cabs once fully enacted in the latter half of 2027. The government has chosen to accelerate trials of autonomous passenger vehicles to spring 2026, enabling companies to test small-scale operations without a safety driver for the first time, reports Birmingham Live. Advancing these driverless vehicle trials will generate 38,000 employment opportunities to boost household incomes, spurring investment to support British engineering expertise and establishing an industry valued at £42 billion by 2035. Future of roads minister, she explained: "Self-driving vehicles are one of the most exciting opportunities to improve transport for so many people, especially those in rural areas or unable to drive." "We want to work with passengers and industry to make this new form of transport safe and accessible, as we take our next steps towards adoption. Labour MP and minister Lilian Greenwood continued: "This technology doesn't just have the potential to improve transport for millions of people. It will help stimulate innovation, create thousands of jobs, and drive investment to put money money in people's pockets-all part of delivering our Plan for Change." Mike Hawes, SMMT chief executive, also added: "Britain's self-driving vehicle revolution moves one step closer, with today's announcements putting the country on track to reap the road safety and socio-economic benefits this technology can deliver." "Pilot rollout of commercial self-driving services from next year will widen public access to mobility, while the consultation will ensure the technology is deployed in a safe and responsible way." He concluded: "These latest measures will help Britain remain a world leader in the development and introduction of self-driving vehicles, a manifest application of AI at its finest." As explained, self-driving vehicles can facilitate people to get around more easily, especially for those who don't have a license. It can also add a new method of transport in rural areas, improving mobility and overall road safety by reducing the number of accidents.
Ya Biladi
23-07-2025
- Politics
- Ya Biladi
Six days in airport custody and a deportation order : A Moroccan graduate breaks her silence
Since 2018, Zahra* has lived in France, where she completed her higher education. After earning her hard-earned MBA, she hoped to launch her career in the country where she had built her adult life. But it was only after returning from a summer trip to Morocco that things took a dramatic turn. At Roissy-Charles-de-Gaulle Airport, «everything seemed routine», until a border officer stepped out of the office and asked her to follow him. Zahra* was blindsided. She was informed that she was under an «Obligation to Leave French Territory» (OQTF) and barred from re-entering the country for 40 years. Speaking to Yabiladi, the 29-year-old said she had never been notified of any such administrative decision or its justification. Psychological Distress and an Enforceable OQTF According to Zahra*, it all began with her temporary residence permit (APS) application, which didn't include her final diploma. The APS allows international students and recent graduates to remain in France to seek employment or start a business. Since official diplomas can take time to arrive, it's common practice to submit a certificate of completion instead. «That's exactly what I did, and the prefecture reassured me it was fine», Zahra* told us. But her case spiraled into an unprecedented administrative tangle, one so unusual that even police officers were baffled. «In court, the officers and interpreters who read the administrative decision were stunned. They had never seen anything like it», Zahra* said. She has painful memories of her time in airport custody, especially her appearance before the judge for individual freedoms. On the sixth day, an appeals court ordered her release from the holding area but the OQTF remains active. Now, Zahra* lives under what she described as a «sword of Damocles», unable to move forward. The ordeal also left her emotionally scarred. She reported experiencing verbal sexual harassment, including explicit threats during her confinement. She also described appalling conditions, unsanitary facilities and inadequate food. «They took everything from me. I no longer have my residence documents, not even my receipt», she said. «It expires in September, and it usually takes six months for a court to review an OQTF. That means I could end up undocumented. In the meantime, I've had promising job offers that I can't pursue because of this order». «A Denial of Rights», says her lawyer Her attorney, Samy Djemaoun, believes her situation stems from an «administrative error» that amounts to «a denial of rights», and reflects a clear intent to bar her from re-entry. «My client has lived legally in France for seven years. She studied, worked, paid taxes. Her student visa expired in February, and she applied to change her status to enter the workforce. She received an APS valid until September 17, 2025. Her application was approved on March 30 for a job offer. On June 17, she was summoned to the prefecture to collect her new permit», he explained on social media. At that appointment, Zahra* was told her new permit was being printed. On June 25, she traveled to Morocco to visit her family, expecting to return on July 9. But at the airport, she was denied entry. «In the meantime, the prefecture quietly issued: a permit refusal, an OQTF, and a 40-year re-entry ban, without notifying her, without revoking her receipt on June 17, and without ever requesting additional documents», Djemaoun said. «They claimed she didn't submit her diploma», he added, «but she had provided a certificate of completion». On July 8, the day before her return, Zahra* was entered into the national wanted persons database, flagged with an administrative 'E notice' banning her from France until June 4, 2065. The notice included instructions: «If the departure deadline has not passed, release the individual». «She was still within the deadline, her receipt was valid until September, yet they held her», the lawyer continued. «So here we have a summons to collect her permit, while at the same time, a refusal, an OQTF, and a re-entry ban are issued in secret. All of it based on a supposedly missing document that was never requested. No official notification. And a wanted notice that calls for her release that the border police ignored». The Paris Court of Appeal later ruled that Zahra's administrative custody was a «disproportionate infringement of her rights». In light of the case, Djemaoun stressed the urgent need to «bring humanity and the rule of law back to public administration». While she awaits a final resolution, Zahra* said she's also facing «a wave of false rumors on TikTok», in addition to racist attacks from far-right groups online. «At this point, I don't care about the hateful comments», she said. «What matters is knowing I've never broken the law. I've always followed administrative procedures, paid my taxes when I was working, and respected the laws of this country». After the emotional toll of recent days, Zahra* says she «just wants justice», so she can work and return to a normal life.
