On the call today are Gideon Argov, President and CEO; Bertrand Loy, Chief Operating Officer; and Greg Graves, Chief Financial Officer. And with that, Gideon will now begin the call.
Thank you, Steve. Good morning, and thank you for joining the call. We're pleased with our second quarter results, which reflected good performance across the company. Sales increased 7% sequentially to $188 million in the second quarter. We grew our adjusted operating margin to 18.1% and recorded cash earnings per share of $0.16, while generating $43 million in cash from operations. And we continue to get traction with a number of new products that are proving to be critical for the industry to implement next-generation technologies, including 28-nanometer processes.
Broadly speaking, the trends through the second quarter were favorable as demand remains strong, particularly from the leading device makers for their advanced production lines. Fab utilization at the leading edge remained high in the second quarter and capital spending, stable.Looking at our revenue trends during the quarter, our unit to CapEx mix of sales was 66% unit driven and 34% capital driven, a slight shift to the unit-driven side. Our unit-driven sales were up 8%, boosted by record quarter for our liquid filtration products and higher sales of wafer shippers. Sales of other unit-driven products such as our electrostatic chucks for both semiconductor and solar ion implant tools also reached a record. CapEx-related sales grew 7% due to higher demand for fluid-handling components and photochemical pumps for new tools and fab construction projects. Looking at our business by market, our semiconductor-related sales represented 75% of the total and increased 9% from the first quarter. Outside the SEMI market, the trends were not uniform. Our non-SEMI sales increased 2%. In the markets that account for most of these non-SEMI sales, stronger demand for flat panel display and data storage contrasted with weakness in some of our industrial markets. Nevertheless, we were encouraged by performance in several and new applications that have been the focus of our investment including LED, solar and energy storage. While still small in number, sales in these emerging markets and aggregate grew slightly despite the continued depressed environment for both LED, as well as solar PV.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV