The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how semiconductor manufacturing stocks fared in Q2, starting with Entegris (NASDAQ: ENTG).

The semiconductor industry is driven by demand for advanced electronic products like smartphones, PCs, servers, and data storage. The need for technologies like artificial intelligence, 5G networks, and smart cars is also creating the next wave of growth for the industry. Keeping up with this dynamism requires new tools that can design, fabricate, and test chips at ever smaller sizes and more complex architectures, creating a dire need for semiconductor capital manufacturing equipment.

The 14 semiconductor manufacturing stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 3.8% while next quarter’s revenue guidance was in line.

Luckily, semiconductor manufacturing stocks have performed well with share prices up 27.3% on average since the latest earnings results.

Entegris (NASDAQ: ENTG)

With fabs representing the company’s largest customer type, Entegris (NASDAQ: ENTG) supplies products that purify, protect, and generally ensure the integrity of raw materials needed for advanced semiconductor manufacturing.

Entegris reported revenues of $792.4 million, down 2.5% year on year. This print exceeded analysts’ expectations by 3.8%. Overall, it was a satisfactory quarter for the company with a beat of analysts’ EPS estimates.

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.”

Interestingly, the stock is up 3.8% since reporting and currently trades at $96.54.

Is now the time to buy Entegris? Access our full analysis of the earnings results here, it’s free.

Best Q2: IPG Photonics (NASDAQ: IPGP)

Both a designer and manufacturer of its products, IPG Photonics (NASDAQ: IPGP) is a provider of high-performance fiber lasers used for cutting, welding, and processing raw materials.

IPG Photonics reported revenues of $250.7 million, down 2.7% year on year, outperforming analysts’ expectations by 9.4%. The business had an exceptional quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates.

The market seems happy with the results as the stock is up 7.5% since reporting. It currently trades at $83.44.

Is now the time to buy IPG Photonics? Access our full analysis of the earnings results here, it’s free.

Weakest Q2: FormFactor (NASDAQ: FORM)

With customers across the foundry and fabless markets, FormFactor (NASDAQ: FORM) is a US-based provider of test and measurement technologies for semiconductors.

FormFactor reported revenues of $195.8 million, flat year on year, exceeding analysts’ expectations by 3.4%. Still, it was a slower quarter as it posted a significant miss of analysts’ EPS and adjusted operating income estimates.

Interestingly, the stock is up 6.3% since the results and currently trades at $36.59.

Read our full analysis of FormFactor’s results here.

Amtech (NASDAQ: ASYS)

Focusing on the silicon carbide and power semiconductor sectors, Amtech Systems (NASDAQ: ASYS) produces the machinery and related chemicals needed for manufacturing semiconductors.

Amtech reported revenues of $19.56 million, down 23.1% year on year. This number surpassed analysts’ expectations by 15%. More broadly, it was a satisfactory quarter as it also produced a beat of analysts’ EPS estimates but revenue guidance for next quarter slightly missing analysts’ expectations.

Amtech achieved the biggest analyst estimates beat but had the slowest revenue growth among its peers. The stock is up 131% since reporting and currently trades at $10.33.

Read our full, actionable report on Amtech here, it’s free.

Kulicke and Soffa (NASDAQ: KLIC)

Headquartered in Singapore, Kulicke & Soffa (NASDAQ: KLIC) is a provider of production equipment and tools used to assemble semiconductor devices

Kulicke and Soffa reported revenues of $148.4 million, down 18.3% year on year. This result topped analysts’ expectations by 1.8%. Overall, it was a strong quarter as it also produced a beat of analysts’ EPS and adjusted operating income estimates.

The stock is up 33.9% since reporting and currently trades at $42.96.

Read our full, actionable report on Kulicke and Soffa here, it’s free.

Market Update

As a result of the Fed’s rate hikes in 2022 and 2023, inflation has come down from frothy levels post-pandemic. The general rise in the price of goods and services is trending towards the Fed’s 2% goal as of late, which is good news. The higher rates that fought inflation also didn't slow economic activity enough to catalyze a recession. So far, soft landing. This, combined with recent rate cuts (half a percent in September 2024 and a quarter percent in November 2024) have led to strong stock market performance in 2024. The icing on the cake for 2024 returns was Donald Trump’s victory in the U.S. Presidential Election in early November, sending major indices to all-time highs in the week following the election. Still, debates around the health of the economy and the impact of potential tariffs and corporate tax cuts remain, leaving much uncertainty around 2025.

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