Axcelis Technologies (ACLS) has reported 387.99 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $9.51 million, or $0.29 a share in the quarter, compared with $1.95 million, or $0.06 a share for the same period last year.

Revenue during the quarter grew 28.69 percent to $86.89 million from $67.52 million in the previous year period. Gross margin for the quarter expanded 527 basis points over the previous year period to 39.95 percent. Total expenses were 87.67 percent of quarterly revenues, down from 96.30 percent for the same period last year. This has led to an improvement of 863 basis points in operating margin to 12.33 percent.

Operating income for the quarter was $10.71 million, compared with $2.50 million in the previous year period.

President and chief executive officer Mary Puma commented, "The industry is in a period of strong growth, driven by the thriving IoT and data storage markets. Today we shipped our 100th Purion system, demonstrating the continuing adoption of Purion products based on the innovative technology differentiation they offer customers. The Purion platform is well positioned to capitalize on the strength of this market."

For the second-quarter, Axcelis Technologies forecasts revenue to be $100 million. The company expects operating income to be in the range of $12 million to $13 million. The company projects diluted earnings per share to be in the range of $0.30 to $0.35.

Cash conversion cycle (CCC) has decreased to 114 days for the quarter from 252 days for the last year period. Days sales outstanding went down to 54 days for the quarter compared with 57 days for the same period last year.

Days inventory outstanding has decreased to 100 days for the quarter compared with 238 days for the previous year period. At the same time, days payable outstanding went down to 40 days for the quarter from 43 for the same period last year.