CMC Materials reports record $1.2 billion in revenue

AURORA - CMC Materials Inc. reported revenue for the company's 2021 fiscal year was a record $1.2 billion, an increase of 7.5% compared to the prior year.

"Our team showed resilience while navigating a challenging operating environment, especially during the second half of our fiscal year." said David Li, president and CEO of CMC materials, a supplier of consumable materials primarily to semiconductor manufacturers. He said it was the company's fifth consecutive year of record revenue, driven by strong growth in its Electronic Materials segment.

The company's record revenue of $311.9 million in its fourth quarter reflects an increase of 13.8% compared to the same quarter last year, and was driven by continued growth in all businesses in the Electronic Materials segment, which represents more than 80% of the company's revenue.

Net income was $16.1 million compared to $36.9 million in the prior year.

To counter the impact of rapidly rising raw materials, freight and logistics costs, the company implemented global price increases, which took effect during the first quarter of fiscal year 2022, and is prepared to implement further pricing actions if needed to offset additional inflationary headwinds, CMC said.

The company repurchased 822,251 shares of its common stock for $105 million during the fourth quarter.