Ultra Clean Beats Expectations with $759 Million in Revenue; Ultralife to Be Acquired for $320 Million
Key Facts
Ultra Clean reported third-quarter results for the period ended in September 2026, with revenue of $759 million and adjusted earnings of $1.15 per share, beating consensus estimates. Ultralife, meanwhile, disclosed a cash agreement under which EnerSys will acquire it at an enterprise value of about $320 million, including the assumption of net debt. Zacks data showed Ultra Clean’s non-GAAP earnings exceeded expectations of $0.91 per share, delivering a positive surprise of 26.37%. Revenue also exceeded the consensus estimate by 4.63%. Separately, Ultralife shares responded to the acquisition announcement by rising more than 144.65% to $15.56 in after-hours trading on Tuesday, October 27, according to Benzinga. The moves in the two stocks reflect different catalysts: operating results for Ultra Clean and a cash acquisition offer for Ultralife.
Ultra Clean generated revenue of about $759 million in the quarter ended in September 2026, compared with $510 million in the same period a year earlier, according to Zacks. The company thus exceeded the aggregated revenue estimate by 4.63%, while adjusted earnings per share also topped expectations. The year-over-year comparison puts revenue growth in the context of clear expansion between the third quarter of 2025 and the third quarter of 2026. The company had reported revenue of $644.9 million in the second quarter ended June 26, 2026, versus $518.8 million in the corresponding quarter of 2025, according to its filing with the U.S. Securities and Exchange Commission. UCTT shares closed at $51.48 on October 27 and rose about 10.21% at the close, according to EL7 and StockAnalysis data.
Investors are now focused on Ultra Clean’s guidance for the fourth quarter of 2026, with revenue projected at between $800 million and $860 million and adjusted earnings per share at between $1.11 and $1.35, according to Investing.com. The outlook follows third-quarter revenue of $759 million and the company’s earnings and revenue beats against consensus estimates for that quarter. The guidance range provides a framework for the next period of the fiscal year, while the figures remain company forecasts rather than reported results. The stock had closed at $51.48 on October 27, the day the third-quarter results were announced, according to EL7 data. UCTT shares gained about 10.21% at the close, before after-hours trading in which they were reported to have reached a higher price.
Under the Ultralife deal, EnerSys will pay $16 in cash for each share, at a stated premium of 166% to the stock’s October 26, 2026 closing price. The deal has an approximate enterprise value of $320 million, including the assumption of net debt, according to Ultralife’s announcement published via Nasdaq. EnerSys’s chief executive said Ultralife “expands our portfolio of advanced, reliable and high-performance power solutions.” The announcement added that the deal expands EnerSys’s defense power solutions platform and that the two companies will support the U.S. Department of War and allied forces with technologies for the electrified battlefield. This catalyst differs from Ultra Clean’s results: the offer sets a cash consideration for shareholders, while Ultra Clean’s move followed the release of its operating results.
ULBI shares closed at $6.36 on October 27, according to EL7 data, but the move documented by Benzinga came after the market closed that day, when the stock rose more than 144.65% to $15.56. The agreement was announced on October 27, while the 166% premium is based on the October 26 closing price, not the close on the announcement date. EnerSys intends to fund the deal with cash on hand, so the agreement is not contingent on obtaining financing, according to the companies’ announcement. The $16-per-share cash consideration remains subject to the completion of the deal and satisfaction of its conditions. Completion is expected in the first quarter of 2027, following regulatory approval and satisfaction of the tender offer condition, according to the announcement.
The parties expect to complete the acquisition in the first quarter of 2027, after which Ultralife shares will no longer be listed on any public market, according to the announcement published via Nasdaq. Completion requires regulatory approval and satisfaction of the share tender condition, while the agreement does not include a financing condition because EnerSys plans to use cash on hand. That puts the expected completion date after the October 27 announcement, with the deal remaining proposed until its conditions are met. For Ultra Clean, the next milestone in the company’s guidance is the fourth quarter of 2026, with revenue of between $800 million and $860 million and adjusted earnings of between $1.11 and $1.35 per share. The move in Ultralife shares following the announcement came in after-hours trading, not in documented premarket trading.