And Thank welcome to you, Claire. earnings QX call. our
our revenues third record QX XX% quarter. of $XXX million, from moderating
As we our customer of we weakening in last preannouncement, in the quarter. January further XX demand witnessed the month in indicated
actual as indicate quarter higher both while we a the ago. current previously sales So had were than we our for and to report in are well expecting modestly as declines decline that results a current QX, what expected quarter, quarter-over-quarter forecasts
the and surprisingly, plans March change expectation Not a industry shipments that business and should and leading balanced levels somewhat equipment for second we first the between environment expected OEMs, the following see this relatively with near-term first half quarter. shipment reduced of demand The echoed quarter decline, been the significantly has in current the by XXXX. is build environment should stabilize WFE
to record while to through impact organic by in overall and business XX%, WFE more the full revenue single for we on in environment. compares of we digits. dynamic reported which year all often which of year strong We the of XXXX, high year-over-year IMG. XX% navigating growth and This expanding acquisition margins grew growth revenues represented reflect growth, than the addition WFE, highly challenging was record a a gross As earnings,
earnings we $X.XX share. of $XXX XX per reported million points, improved record basis margin Gross and or
On drivers reduced memory new increased environment our exposure year. the we quarter's of evaluations. outperformance result continue softening these All and gaining and XXXX and discussed In the our to expectations the coming for that EUV the in share continued we call, to particular, lithography should business last our exposure the WFE our market discussed revenue versus expected for market, intact product be much to drivers our today. to winning three very in continue
WFE estimate as market higher expectations to year, continue a we that Current below the our expected to XX% are First, that to could fell memory of XXXX. down we exposure which be quarter as ago. memory revenues than in is much this our XX%
led hold result, a year, logic As for overall revenue certainly better though than expectations expected memory this to is market up worsening has and capital and spending cuts XXXX. even foundry to the memory
Next, business is control. to to the the market as and such of growth tied and outlooks bifurcation we an major experiencing process segments etch, continue other forecast EUV. lithography WFE, and that in between part unprecedented deposition is of WFE our currently The
segment the a to down the majority range the market the rest XX%. to past impacted continues the therefore, XX% our less revenues, for to increased closer XX% non-litho decline calling several of steadily than of years, of our revenues outlook it in XX% WFE. represent year-over-year we lithography or expected that while are XX% our for to declines or WFE overall the within to is And more, will share expected over market non-litho of the be to the of are XX%. example, by revenues lithography that means For be XX% range of This increase expected in and
performance We can forecast help to revenue some add our in that this to resilience offsets expect continue to XXXX. three primary
our in gas The market. first expected is serving delivery continued the EUV lithography business clearly the growth
the is that industry. independent The from the of revenues second semiconductor acquisition is our IMG the from portion
our today, piece sales in than a to benefit And are lastly, to overall to evaluations. market WFE forecast revenues aerospace new gaining of up the in small we and medical, areas IMG XXXX. holding continue better While winning product industrial from expect such and success share as
shipments a Before more call share providing Current that the an our when followed share for beginning bottoming offset therefore, we a gain this fourth towards would, an update year-end, add sharply slope recovery. of the our initiatives, around rebounds. see initiatives. brings year, a demand update to a improvement on tend Depending range which customer on I'll the expectations expected by of recovery, the XX% non-litho which me offset, spending in fourth our to gain is be on that in also potential and revenues could industry WFE a midyear, recover declines material to
resources demand into and Historically, industry evaluations to new in product customers we gains advantage have our qualification. taken drive these to are able slowdowns of market more as focus share
qualifying more our developed components. remain: focus of of areas Our internally machining
have once our our second that as hope chemical additional leveraging address several in share. delivery our market. next-generation panel, ship gas global we we components this a and midyear by and as qualifying half qualified, first the that footprint unit We weldment are quoting revenues new well Qualifying developing this systems third see qualification opportunities expect quarter gain to to to
delivery continuing carbide unit QX. first to late a on that qualification for are expect solution deliver work growing and with market we gas our the on the customer serves to these, silicon Beyond
levels demand. adjust spending next in So of environment to variable expected ability our our our quarters turns to several model to manage focus over the WFE lower the operating to
We volumes our to across footprint. business we workforce global have the align XXXX in in to executed expect our reductions
discuss as our will, we on expenses, XXXX, in investments growth invest operating programs continue revenue business. capacity operating later. will to result more and we'll to to always good of by R&D have optimization reduction a Larry in in We our compared the expenses In levels definition, limited in can and these future continued as the of decline, the maintained discipline support ensure
future, of we which this essential will temporarily just part plans growth And as drive as well, an strong the for to we environment. they will as are beyond weak business customers' come of our turn leverage we out current look invest this downturn. operating We will continue in as
the In strong solid year financial are results show confident during WFE will we history. flow meantime, is which, be to and that industry's way, expected performance cash third we the largest XXXX, in our by the
turn call I that, to Larry. with now Larry? And the will over
