FEI Company (NASDAQ:FEIC) today reported results for the third
quarter of 2015. Third quarter revenue of $213 million was down
6.7% compared to $228 million for third quarter of 2014. Movements
in foreign exchange rates negatively impacted revenue for the third
quarter of 2015 by approximately $10 million, as compared with
third quarter of 2014 rates. Excluding the impact of foreign
exchange movements, third quarter organic revenue was down 2.4%
compared with the third quarter of 2014.
Diluted earnings per share were $0.25, compared
with $0.51 in the third quarter of 2014. Net income for the quarter
was $10 million compared with $22 million in the third quarter of
2014. Included in third quarter 2015 results are tax benefits in
the amount of $6.1 million, or $0.15 per share, and a non-cash
impairment of goodwill and long-lived assets of $24 million, or
$0.58 per share, net of taxes. The impairment is related to assets
supporting the company’s oil and gas business.
The company’s backlog of orders at the end of
the third quarter of 2015 was $562 million, compared with $539
million at the end of the third quarter of 2014 and $541 million at
the end of the second quarter of 2015. Bookings for the third
quarter of 2015 were $234 million, resulting in a book-to-bill of
1.10-to-1.
“While Science met our expectations, activity at
our large semiconductor customers fell short of our forecast in the
third quarter,” commented Don Kania, president and CEO. “Near term
spending at our semiconductor customers is being impacted as the
industry transitions to 10nm devices.
“We saw increased activity in our Science
business during the third quarter and expect a strong finish to the
year from this group. We remain focused on investing to drive
our technology leadership and ensuring we are well positioned for
the significant long term growth opportunities we see in our
Science and Industrial markets.”
Net cash provided by operating activities for
the third quarter of 2015 was $46 million, compared with $28
million in the third quarter of 2014. During the quarter, the
company paid cash dividends of $12 million, invested $2.2 million
on plant and equipment and repurchased 545,000 shares of its common
stock at an average price of $77.41. Total cash, investments and
restricted cash at the end of the quarter was $500 million.
Outlook
For the fourth quarter of 2015, the company
currently expects reported revenue to be in the range of $260
million to $275 million. This range reflects the expected negative
impact of a stronger U.S. dollar of approximately 4.0% as compared
to the fourth quarter of 2014. Earnings per fully diluted share are
expected to be in the range of $1.05 to $1.20. This range is based
on an expected tax rate for the fourth quarter of approximately
20%.
For full year 2015, the company expects organic
revenue growth to be in the range of 1.0% to 2.5%, compared with
2014, and earnings per fully diluted share in the range of $2.85 to
$3.00. This range includes the impairment expense and tax benefits
the company recorded in the third quarter of 2015. Based on current
exchange rates, the stronger U.S. dollar is expected to negatively
impact full year 2015 reported revenue growth by approximately 5%
as compared to the full year 2014.
Investor Conference Call - 2:00 p.m.
Pacific Time, Tuesday, October 27, 2015
Parties interested in listening to FEI's
quarterly conference call may do so by dialing 1-877-407-8293
(U.S., toll-free) or +1-201-689-8349 (international and toll), with
the conference title: FEI Third Quarter Earnings Conference Call.
The call can also be accessed via the web by going to FEI's
Investor Relations page at http://investor.fei.com/event, where the
webcast will also be archived.
Safe Harbor Statement
This news release contains forward-looking
statements that include guidance for revenue and earnings per share
for the fourth quarter of 2015 and full year 2015, the impact of
certain items on our results for these periods, statements
regarding our sources of revenue, our investments and expenditures,
foreign currency exchange rates, assumptions about tax rates, the
location of our cash, the allocation of our resources and
expenditures and developments, trends, and opportunities in certain
markets. Forward-looking statements may also be identified by
words and phrases that refer to future expectations, such as
"guidance", "guiding", "forecast", "toward", "plan", "expect", "are
expected", "is expected", "believe", "anticipate", "will",
"projecting", "look forward", “continue to see”, “outlook” and
other similar words and phrases. Factors that could affect these
forward-looking statements include, but are not limited to:
the global economic environment, particularly continued slower
growth in China and emerging markets; lower than expected customer
orders, including for recently-introduced products; potential
weakness of the Science and Industry market segments, including
continued weakness in the oil and gas sector of the Industry
segment resulting from lower oil prices; fluctuations in foreign
exchange rates, which, among other things, can affect
revenues, margins, bookings, backlog and the competitive
pricing of our products; cyclical and other changes and increased
volatility in the semiconductor industry, which is a major
component of Industry market segment revenue; changes in
backlog and the timing of shipments from backlog, which may create
forecasting challenges; potential delayed or reduced governmental
spending to support expected orders; potential disruption in the
company's operations due to organizational changes; the relative
mix of higher-margin and lower-margin products; potential for
increased volatility and challenges in forecasting resulting from
larger sales transactions, cancellations and rescheduling of orders
by customers; risks associated with a high percentage of the
company's revenue coming from book and ship business, when the
order for a product is placed by the customer in the same quarter
as the planned shipment, and risks associated with building and
shipping a high percentage of the company’s quarterly revenue in
the last month of the quarter; delays in meeting all accounting
requirements for revenue recognition; the ongoing determination of
the effectiveness of foreign exchange hedge transactions; the
relative mix of U.S. and non-U.S. sales; additional costs related
to future merger and acquisition activity; failure of the company
to achieve anticipated benefits of acquisitions and collaborations,
including failure to achieve financial goals and integrate
acquisitions successfully; reduced profitability due to failure to
achieve or sustain margin improvement in service or product
manufacturing; potential disruption in manufacturing or unexpected
additional costs due to the transition from older to newer
products; failure to achieve improved operational efficiency and
other benefits from infrastructure investments and restructuring
activities; potential additional restructurings, realignments and
reorganizations; inability to deploy products as expected or
delays in shipping products due to technical problems or barriers,
especially with regard to recently introduced TEM products;
bankruptcy or insolvency of customers or suppliers; and changes in
U.S. and foreign tax rates and laws, accounting rules regarding
taxes or agreements with tax authorities. Please also refer to our
Form 10-K, Forms 10-Q, Forms 8-K and other filings with the U.S.
Securities and Exchange Commission for additional information on
these factors and other factors that could cause actual results to
differ materially from the forward-looking statements. FEI assumes
no duty to update forward-looking statements.
About FEI:
FEI Company (Nasdaq:FEIC) designs, manufactures
and supports a broad range of high-performance microscopy workflow
solutions that provide images and answers at the micro-, nano- and
picometer scales. Its innovation and leadership enable customers in
industry and science to increase productivity and make breakthrough
discoveries. Headquartered in Hillsboro, Ore., USA, FEI has over
2,800 employees and sales and service operations in more than 50
countries around the world. More information can be found at:
www.fei.com.
FEI Company and
Subsidiaries |
Consolidated
Balance Sheets |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
September 27, 2015 |
|
December 31, 2014 |
Assets |
|
|
|
Current Assets: |
|
|
|
Cash and cash equivalents |
$ |
381,858 |
|
|
$ |
300,507 |
|
Short-term investments in
marketable securities |
36,015 |
|
|
61,688 |
|
Short-term restricted cash |
23,444 |
|
|
15,698 |
|
Receivables, net |
208,909 |
|
|
227,354 |
|
Inventories, net |
191,648 |
|
|
176,440 |
|
Deferred tax assets |
8,652 |
|
|
8,225 |
|
Other current assets |
31,050 |
|
|
35,503 |
|
Total current assets |
881,576 |
|
|
825,415 |
|
Long-term investments
in marketable securities |
34,016 |
|
|
85,865 |
|
Long-term restricted
cash |
24,758 |
|
|
38,369 |
|
Property plant and
equipment, net |
152,919 |
|
|
163,794 |
|
Intangible assets,
net |
37,815 |
|
|
54,111 |
|
Goodwill |
145,639 |
|
|
170,773 |
|
Deferred tax
assets |
8,129 |
|
|
6,605 |
|
Long-term
inventories |
47,401 |
|
|
50,731 |
|
Other assets, net |
19,001 |
|
|
22,155 |
|
Total Assets |
$ |
1,351,254 |
|
|
$ |
1,417,818 |
|
Liabilities and
Shareholders' Equity |
|
|
|
Current
Liabilities: |
|
|
|
Accounts payable |
$ |
67,788 |
|
|
$ |
78,308 |
|
Accrued payroll liabilities |
37,304 |
|
|
38,599 |
|
Accrued warranty reserves |
13,159 |
|
|
13,005 |
|
Short-term deferred revenue |
107,485 |
|
|
96,924 |
|
Income taxes payable |
4,896 |
|
|
5,299 |
|
Accrued restructuring,
reorganization, relocation and severance |
858 |
|
|
9,161 |
|
Other current liabilities |
58,289 |
|
|
56,146 |
|
Total current liabilities |
289,779 |
|
|
297,442 |
|
Long-term deferred
revenue |
39,765 |
|
|
34,021 |
|
Deferred tax
liabilities |
4,694 |
|
|
9,576 |
|
Other liabilities |
31,752 |
|
|
35,454 |
|
Shareholders'
Equity: |
|
|
|
Preferred stock - 500 shares
authorized; none issued and outstanding |
— |
|
|
— |
|
Common stock - 70,000 shares
authorized; 41,065 and 41,797 shares issued and outstanding at
September 27, 2015 and December 31, 2014 |
556,452 |
|
|
607,250 |
|
Retained earnings |
501,944 |
|
|
461,586 |
|
Accumulated other comprehensive
loss |
(73,132 |
) |
|
(27,511 |
) |
Total shareholders’ equity |
985,264 |
|
|
1,041,325 |
|
Total Liabilities and Shareholders'
Equity |
$ |
1,351,254 |
|
|
$ |
1,417,818 |
|
FEI Company and
Subsidiaries |
Consolidated
Statements of Operations |
(In thousands,
except per share amounts) |
(Unaudited) |
|
|
|
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
September 27, 2015 |
|
September 28, 2014 |
|
September 27, 2015 |
|
September 28, 2014 |
Net Sales: |
|
|
|
|
|
|
|
Products |
$ |
151,843 |
|
|
$ |
169,131 |
|
|
$ |
479,487 |
|
|
$ |
517,459 |
|
Service |
60,718 |
|
|
58,625 |
|
|
178,079 |
|
|
173,517 |
|
Total net sales |
212,561 |
|
|
227,756 |
|
|
657,566 |
|
|
690,976 |
|
Cost of Sales: |
|
|
|
|
|
|
|
Products |
74,639 |
|
|
83,653 |
|
|
234,965 |
|
|
262,327 |
|
Service |
33,645 |
|
|
35,522 |
|
|
100,948 |
|
|
103,893 |
|
Total cost of sales |
108,284 |
|
|
119,175 |
|
|
335,913 |
|
|
366,220 |
|
Gross profit |
104,277 |
|
|
108,581 |
|
|
321,653 |
|
|
324,756 |
|
Operating
Expenses: |
|
|
|
|
|
|
|
Research and development |
23,825 |
|
|
25,312 |
|
|
70,275 |
|
|
77,178 |
|
Selling, general and
administrative |
43,467 |
|
|
49,463 |
|
|
132,382 |
|
|
148,513 |
|
Impairment of goodwill and
long-lived assets |
26,596 |
|
|
— |
|
|
26,596 |
|
|
— |
|
Restructuring, reorganization,
relocation and severance |
(423 |
) |
|
7,699 |
|
|
(565 |
) |
|
11,259 |
|
Total operating expenses |
93,465 |
|
|
82,474 |
|
|
228,688 |
|
|
236,950 |
|
Operating Income |
10,812 |
|
|
26,107 |
|
|
92,965 |
|
|
87,806 |
|
Other Expense, Net |
(1,372 |
) |
|
(831 |
) |
|
(2,929 |
) |
|
(1,907 |
) |
Income Before Income
Taxes |
9,440 |
|
|
25,276 |
|
|
90,036 |
|
|
85,899 |
|
Income Tax (Benefit)
Expense |
(978 |
) |
|
3,629 |
|
|
14,274 |
|
|
14,228 |
|
Net Income |
$ |
10,418 |
|
|
$ |
21,647 |
|
|
$ |
75,762 |
|
|
$ |
71,671 |
|
Basic Net Income Per
Share |
$ |
0.25 |
|
|
$ |
0.52 |
|
|
$ |
1.82 |
|
|
$ |
1.70 |
|
Diluted Net Income Per
Share |
$ |
0.25 |
|
|
$ |
0.51 |
|
|
$ |
1.80 |
|
|
$ |
1.68 |
|
Weighted Average Shares
Outstanding: |
|
|
|
|
|
|
|
Basic |
41,404 |
|
|
41,891 |
|
|
41,624 |
|
|
42,053 |
|
Diluted |
41,820 |
|
|
42,465 |
|
|
42,050 |
|
|
42,624 |
|
FEI Company and
Subsidiaries |
Consolidated
Statements of Operations |
(Unaudited) |
|
|
|
|
|
Thirteen Weeks Ended (1) |
|
Thirty-Nine Weeks Ended (1) |
|
September 27, 2015 |
|
September 28, 2014 |
|
September 27, 2015 |
|
September 28, 2014 |
Net Sales: |
|
|
|
|
|
|
|
Products |
71.4 |
|
% |
|
74.3 |
|
% |
|
72.9 |
|
% |
|
74.9 |
|
% |
Service |
28.6 |
|
|
|
25.7 |
|
|
|
27.1 |
|
|
|
25.1 |
|
|
Total net sales |
100.0 |
|
% |
|
100.0 |
|
% |
|
100.0 |
|
% |
|
100.0 |
|
% |
Cost of Sales: |
|
|
|
|
|
|
|
Products |
35.1 |
|
% |
|
36.7 |
|
% |
|
35.7 |
|
% |
|
38.0 |
|
% |
Service |
15.8 |
|
|
|
15.6 |
|
|
|
15.4 |
|
|
|
15.0 |
|
|
Total cost of sales |
50.9 |
|
% |
|
52.3 |
|
% |
|
51.1 |
|
% |
|
53.0 |
|
% |
Gross Margin: |
|
|
|
|
|
|
|
Products |
50.8 |
|
% |
|
50.5 |
|
% |
|
51.0 |
|
% |
|
49.3 |
|
% |
Service |
44.6 |
|
|
|
39.4 |
|
|
|
43.3 |
|
|
|
40.1 |
|
|
Gross margin |
49.1 |
|
|
|
47.7 |
|
|
|
48.9 |
|
|
|
47.0 |
|
|
Operating
Expenses: |
|
|
|
|
|
|
|
Research and development |
11.2 |
|
% |
|
11.1 |
|
% |
|
10.7 |
|
% |
|
11.2 |
|
% |
Selling, general and
administrative |
20.4 |
|
|
|
21.7 |
|
|
|
20.1 |
|
|
|
21.5 |
|
|
Impairment of goodwill and
long-lived assets |
12.5 |
|
|
|
— |
|
|
|
4.0 |
|
|
|
— |
|
|
Restructuring, reorganization,
relocation and severance |
(0.2 |
) |
|
|
3.4 |
|
|
|
(0.1 |
) |
|
|
1.6 |
|
|
Total operating expenses |
44.0 |
|
% |
|
36.2 |
|
% |
|
34.8 |
|
% |
|
34.3 |
|
% |
Operating Income |
5.1 |
|
% |
|
11.5 |
|
% |
|
14.1 |
|
% |
|
12.7 |
|
% |
Other Expense, Net |
(0.6 |
) |
% |
|
(0.4 |
) |
% |
|
(0.4 |
) |
% |
|
(0.3 |
) |
% |
Income Before Income
Taxes |
4.4 |
|
% |
|
11.1 |
|
% |
|
13.7 |
|
% |
|
12.4 |
|
% |
Income Tax (Benefit)
Expense |
(0.5 |
) |
% |
|
1.6 |
|
% |
|
2.2 |
|
% |
|
2.1 |
|
% |
Net Income |
4.9 |
|
% |
|
9.5 |
|
% |
|
11.5 |
|
% |
|
10.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Percentages may not add due to rounding. |
FEI Company and
Subsidiaries |
Consolidated
Summary of Cash Flows |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
September 27, 2015 |
|
September 28, 2014 |
|
September 27, 2015 |
|
September 28, 2014 |
Net Income |
$ |
10,418 |
|
|
$ |
21,647 |
|
|
$ |
75,762 |
|
|
$ |
71,671 |
|
Depreciation |
6,301 |
|
|
7,740 |
|
|
18,364 |
|
|
22,379 |
|
Amortization |
2,765 |
|
|
3,614 |
|
|
8,480 |
|
|
10,478 |
|
Stock-based compensation |
6,121 |
|
|
6,494 |
|
|
16,615 |
|
|
17,456 |
|
Impairment of goodwill and
long-lived assets |
26,596 |
|
|
40 |
|
|
26,596 |
|
|
322 |
|
Other changes in working
capital |
(6,452 |
) |
|
(11,360 |
) |
|
(11,084 |
) |
|
(49,708 |
) |
Net cash provided by
operating activities |
45,749 |
|
|
28,175 |
|
|
134,733 |
|
|
72,598 |
|
Acquisition of property, plant and
equipment |
(2,240 |
) |
|
(12,107 |
) |
|
(10,109 |
) |
|
(35,429 |
) |
Payments for acquisitions, net of
cash acquired |
— |
|
|
— |
|
|
(5,377 |
) |
|
(65,049 |
) |
Other investing activities |
59,783 |
|
|
13,631 |
|
|
76,842 |
|
|
(17,967 |
) |
Net cash provided by
(used in) investing activities |
57,543 |
|
|
1,524 |
|
|
61,356 |
|
|
(118,445 |
) |
Dividends paid on common stock |
(12,462 |
) |
|
(10,490 |
) |
|
(33,340 |
) |
|
(20,619 |
) |
Repurchases of common stock |
(42,350 |
) |
|
(9,836 |
) |
|
(72,575 |
) |
|
(40,315 |
) |
Other financing activities |
2,349 |
|
|
2,379 |
|
|
8,675 |
|
|
10,940 |
|
Net cash used in
financing activities |
(52,463 |
) |
|
(17,947 |
) |
|
(97,240 |
) |
|
(49,994 |
) |
Effect of exchange rate
changes |
(2,165 |
) |
|
(11,683 |
) |
|
(17,498 |
) |
|
(15,888 |
) |
Decrease in cash and
cash equivalents |
48,664 |
|
|
69 |
|
|
$ |
81,351 |
|
|
$ |
(111,729 |
) |
Cash and Cash
Equivalents: |
|
|
|
|
|
|
|
Beginning of period |
333,194 |
|
|
272,372 |
|
|
300,507 |
|
|
384,170 |
|
End of period |
$ |
381,858 |
|
|
$ |
272,441 |
|
|
$ |
381,858 |
|
|
$ |
272,441 |
|
Supplemental
Cash Flow Information: |
|
|
|
|
|
|
|
Cash paid for income taxes,
net |
$ |
11,825 |
|
|
$ |
4,575 |
|
|
$ |
22,422 |
|
|
$ |
14,458 |
|
Accrued purchases of plant and
equipment |
1,675 |
|
|
986 |
|
|
1,675 |
|
|
986 |
|
Dividends declared but not
paid |
12,453 |
|
|
10,461 |
|
|
12,453 |
|
|
10,461 |
|
Accrued repurchases of common
stock |
1,095 |
|
|
— |
|
|
1,095 |
|
|
— |
|
FEI Company and
Subsidiaries |
Supplemental
Data Table |
($ in millions,
except per share amounts) |
(Unaudited) |
|
|
|
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
September 27, 2015 |
|
September 28, 2014 |
|
September 27, 2015 |
|
September 28, 2014 |
Income
Statement Highlights: |
|
|
|
|
|
|
|
Consolidated sales |
$ |
212.6 |
|
|
$ |
227.8 |
|
|
$ |
657.6 |
|
|
$ |
691.0 |
|
Gross margin |
49.1 |
% |
|
47.7 |
% |
|
48.9 |
% |
|
47.0 |
% |
Net income |
$ |
10.4 |
|
|
$ |
21.6 |
|
|
$ |
75.8 |
|
|
$ |
71.7 |
|
Diluted net income per share |
$ |
0.25 |
|
|
$ |
0.51 |
|
|
$ |
1.80 |
|
|
$ |
1.68 |
|
Sales and
Bookings Highlights: |
|
|
|
|
|
|
|
Sales by Segment |
|
|
|
|
|
|
|
Industry Group |
$ |
105.3 |
|
|
$ |
107.1 |
|
|
$ |
336.8 |
|
|
$ |
340.7 |
|
Science Group |
107.3 |
|
|
120.7 |
|
|
320.8 |
|
|
350.3 |
|
Sales by Geography |
|
|
|
|
|
|
|
USA & Canada |
$ |
76.3 |
|
|
$ |
77.0 |
|
|
$ |
217.7 |
|
|
$ |
229.7 |
|
Europe |
48.6 |
|
|
56.6 |
|
|
159.9 |
|
|
187.2 |
|
Asia-Pacific and Rest of World |
87.7 |
|
|
94.2 |
|
|
280.0 |
|
|
274.1 |
|
Gross Margin by
Segment |
|
|
|
|
|
|
|
Industry Group |
52.4 |
% |
|
51.5 |
% |
|
52.4 |
% |
|
51.5 |
% |
Science Group |
45.8 |
|
|
44.3 |
|
|
45.2 |
|
|
42.7 |
|
Bookings and
Backlog |
|
|
|
|
|
|
|
Bookings - Total |
$ |
233.7 |
|
|
$ |
265.1 |
|
|
$ |
701.2 |
|
|
$ |
773.1 |
|
Book-to-bill Ratio |
1.10 |
|
|
1.16 |
|
|
1.07 |
|
|
1.12 |
|
Backlog - Total |
$ |
562.2 |
|
|
$ |
539.0 |
|
|
$ |
562.2 |
|
|
$ |
539.0 |
|
Backlog - Service |
165.7 |
|
|
160.5 |
|
|
165.7 |
|
|
160.5 |
|
Bookings by
Segment |
|
|
|
|
|
|
|
Industry Group |
$ |
114.6 |
|
|
$ |
157.8 |
|
|
$ |
364.4 |
|
|
$ |
391.1 |
|
Science Group |
119.1 |
|
|
107.3 |
|
|
336.8 |
|
|
382.0 |
|
Bookings by
Geography |
|
|
|
|
|
|
|
USA & Canada |
$ |
99.8 |
|
|
$ |
90.0 |
|
|
$ |
243.5 |
|
|
$ |
234.5 |
|
Europe |
54.8 |
|
|
65.7 |
|
|
166.1 |
|
|
233.4 |
|
Asia-Pacific and Rest of World |
79.1 |
|
|
109.4 |
|
|
291.6 |
|
|
305.2 |
|
Balance Sheet
and Other Highlights: |
|
|
|
|
|
|
|
Cash, equivalents, investments,
restricted cash |
$ |
500.1 |
|
|
$ |
493.0 |
|
|
$ |
500.1 |
|
|
$ |
493.0 |
|
Days sales outstanding (DSO) |
90 |
|
|
88 |
|
|
90 |
|
|
88 |
|
Days in inventory |
198 |
|
|
190 |
|
|
198 |
|
|
190 |
|
Days in payables (DPO) |
57 |
|
|
61 |
|
|
57 |
|
|
61 |
|
Cash Cycle (DSO + Days in Inventory
- DPO) |
231 |
|
|
217 |
|
|
231 |
|
|
217 |
|
Working capital |
$ |
591.8 |
|
|
$ |
543.4 |
|
|
$ |
591.8 |
|
|
$ |
543.4 |
|
Headcount (permanent and
temporary) |
2,855 |
|
|
2,693 |
|
|
2,855 |
|
|
2,693 |
|
Euro average rate |
1.11 |
|
|
1.33 |
|
|
1.12 |
|
|
1.36 |
|
Euro ending rate |
1.12 |
|
|
1.27 |
|
|
1.12 |
|
|
1.27 |
|
Yen average rate |
122.72 |
|
|
103.38 |
|
|
120.88 |
|
|
102.76 |
|
Yen ending rate |
120.99 |
|
|
109.04 |
|
|
120.99 |
|
|
109.04 |
|
For more information contact:
FEI Company
Jason Willey
Investor Relations Director
(503) 726-2533
jason.willey@fei.com
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