Press release
Camtek Reports Third Quarter 2021 Results
Record results: $70.7 million revenue, up 76% YoY; 31% operating margin; Expects fourth quarter revenue of $72-73 million; MIGDAL HAEMEK, Israel, Oct. 27,
About this update from Camtek Ltd.
[{"type":"text","content":"Record results: $70.7 million revenue, up 76% YoY; 31% operating margin; Expects fourth quarter revenue of $72-73 million;\n\n\nMIGDAL HAEMEK, Israel, Oct. 27, 2021 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the third quarter of 2021. \nHighlights of the Third Quarter of 2021\nRevenues of $70.7 million, a 76% increase year-over-year; GAAP gross margin of 50.6%; non-GAAP gross margin of 50.9%; GAAP operating income of $20.1 million (28.5% of revenue); non-GAAP operating income of $21.7 million (30.6% of revenue); GAAP net income of $18.5 million or $0.41 per diluted share; non-GAAP net income of $20.0 million or $0.45 per diluted share; and Strong positive operating cash flow of $16.5 million.Forward-Looking Expectations\nManagement expects continued growth for the fourth quarter with revenue to be between $72-73 million, implying over 70% revenue growth year-over-year for the full year of 2021.\nManagement Comment\nRafi Amit, Camtek's CEO, commented, \"I am very pleased with the continued growth in our revenue and profitability, which was due to ongoing strength of demand for our products. Given our solid backlog, the outlook for the fourth quarter and the first half of 2022 remains positive. We expect to end 2021 with a revenue growth of over 70% year-over-year, an unprecedented growth rate of which we are very proud.\"\nContinued Mr. Amit, \"Since the beginning of October we have received orders for over $26 million, which gives us confidence in our business momentum.\" \nThird Quarter 2021 Financial Results \nRevenues for the third quarter of 2021 were $70.7 million. This compares to third quarter 2020 revenues of $40.1 million, a growth of 76% year-over-year. \nGross profit on a GAAP basis in the quarter totaled $35.8 million (50.6% of revenues), up 84% compared to a gross profit of $19.4 million (48.5% of revenues) in the third quarter of 2020. Gross profit on a non-GAAP basis in the quarter totaled $36.0 million (50.9% of revenues), up 84% compared to a gross profit of $19.5 million (48.8% of revenues) in the third quarter of 2020. \nOperating profit on a GAAP basis in the quarter totaled $20.1 million (28.5% of revenues), compared to an operating profit of $6.3 million (15.8% of revenues) in the third quarter of 2020. Operating profit on a non-GAAP basis in the quart...