Press release
CAMTEK ANNOUNCES RECORD REVENUE FOR THE THIRD QUARTER OF 2022
Revenue of $82.0 million; Expects Record Annual Revenue of around $320m for 2022 MIGDAL HAEMEK, Israel, Nov. 17, 2022 /PRNewswire/ -- Camtek Ltd. (NASDAQ:
About this update from Camtek Ltd.
[{"type":"text","content":"Revenue of $82.0 million; Expects Record Annual Revenue of around $320m for 2022\n MIGDAL HAEMEK, Israel, Nov. 17, 2022 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the third quarter ended September 30, 2022.\nHighlights of the Third Quarter of 2022\nRecord quarterly revenue of $82.0 million; a 16% increase year-over-year;GAAP operating income of $20.6 million; non-GAAP operating income of $23.2 million, representing an operating margin of 25.2% and 28.3% respectively;GAAP net income of $20.7 million and non-GAAP net income of $23.3 million; andStrong operating cash flow of $25.3 million.Forward-Looking Expectations\nManagement expects fourth quarter revenue to be similar to those of the third quarter, translating into record annual revenue of around $320 million for 2022.\nManagement Comment \nRafi Amit, Camtek's CEO commented, \"We had another record quarter and are providing positive guidance for the fourth quarter. In an increasingly complex environment, we are positioned to achieve a record year in 2022, supported by the company's diversified customers, geographies, and various secular trends.\"\nThird Quarter 2022 Financial Results \nRevenue for the third quarter of 2022 was $82.0 million, an increase of 16% compared to the third quarter of 2021. \nGross profit on a GAAP basis in the quarter totaled $39.9 million (48.6% of revenue), compared to a gross profit of $35.8 million (50.6% of revenue) in the third quarter of 2021. Gross profit on a non-GAAP basis in the quarter totaled $40.2 million (49.0% of revenue), compared to $36.0 million (50.9% of revenue) in the third quarter of 2021.\nOperating profit on a GAAP basis in the quarter totaled $20.6 million (25.2% of revenue), compared to an operating profit of $20.1 million (28.5% of revenue) in the third quarter of 2021. Operating profit on a non-GAAP basis in the quarter totaled $23.2 million (28.3% of revenue), compared to $21.7 million (30.6% of revenue) in the third quarter of 2021.\nNet income on a GAAP basis in the quarter totaled $20.7 million, or $0.43 per diluted share, compared to net income of $18.5 million, or $0.41 per diluted share, in the third quarter of 2021. Net income on a non-GAAP basis in the quarter totaled $23.3 million, or $0.48 per diluted share, compared to non-GAAP net income of $20.0 million,...