Press release
CAMTEK ANNOUNCES RECORD RESULTS FOR THE SECOND QUARTER OF 2022
Revenue of $79.6 million & 30% operating margin; Further growth expected in third quarter MIGDAL HAEMEK, Israel , July 27, 2022 /PRNewswire/ -- Camtek Ltd.
About this update from Camtek Ltd.
[{"type":"text","content":"Revenue of $79.6 million & 30% operating margin; Further growth expected in third quarter\nMIGDAL HAEMEK, Israel , July 27, 2022 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the second quarter ended June 30, 2022.\nHighlights of the Second Quarter of 2022\nRecord quarterly revenues of $79.6 million; a 18% increase year-over-year;GAAP operating income of $20.9 million; non-GAAP operating income of $23.8 million, representing an operating margin of 26.2% and 29.9% respectively;GAAP net income of $19.2 million and non-GAAP net income of $22.1 million;Positive operating cash flow of $13.0 million.Forward-Looking Expectations\nManagement expects continued growth for the third quarter with revenues to be $81-83 million.\nManagement Comment \nRafi Amit, Camtek's CEO commented, \"We ended the second quarter with record results and 18% growth year-over-year. We are aware of concerns about the possibility of slowdown in the semiconductor industry and we are monitoring the situation. At this point we do not see any signs of declining demand for our systems. With our strong backlog, we see continued growth into the second half of the year as well.\nSecond Quarter 2022 Financial Results \nRevenues for the second quarter of 2022 were $79.6 million, an increase of 18% compared to the second quarter of 2021. \nGross profit on a GAAP basis in the quarter totaled $40.2 million (50.5% of revenues), compared to a gross profit of $35.0 million (51.9% of revenues) in the second quarter of 2021. Gross profit on a non-GAAP basis in the quarter totaled $40.5 million (50.9% of revenues), compared to $35.2 million (52.1% of revenues) in the second quarter of 2021.\nOperating profit on a GAAP basis in the quarter totaled $20.9 million (26.2% of revenues), compared to an operating profit of $17.0 million (25.3% of revenues) in the second quarter of 2021. Operating profit on a non-GAAP basis in the quarter totaled $23.8 million (29.9% of revenues), compared to $18.5 million (27.4% of revenues) in the second quarter of 2021.\nNet income on a GAAP basis in the quarter totaled $19.2 million, or $0.40 per diluted share, compared to net income of $15.7 million, or $0.35 per diluted share, in the second quarter of 2021. Net income on a non-GAAP basis in the quarter totaled $22.1 million, or $0.46 per diluted sh...