CMC Materials reports record revenue

AURORA - CMC Materials Inc., a supplier of materials to semiconductor manufacturers and pipeline companies, reported financial results for its fourth quarter and 2020 fiscal year, which ended Sept. 30.

Total revenue decreased 1.6% in the fourth quarter compared to the same quarter last year. Stronger demand in slurries and electronic chemicals as well as higher wood treatment revenue were offset by lower revenue in pipeline performance products, the company said.

Full year revenue was a record and increased 7.6% compared to the last year primarily due to a full year of revenue from the company's acquisition of KMG Chemicals Inc. in November of 2018.

During the year, the company generated $287.3 million in cash flow from operations, and had $257.4 million of cash on hand. Debt as of the end of the fiscal year was $921.4 million.

Net income for the quarter was $36.9 million compared to a loss of $20.2 million in the prior year primarily due to the impairment charge the company took for its strategic decision to exit the wood treatment business in the prior year.

"I am proud of our performance, delivering another year of record revenue and profitability despite the challenging and unprecedented environment caused by the COVID-19 pandemic, which demonstrates our strong execution and robust businesses, said David Li, president and CEO of CMC Materials.