Nova Reports First Quarter 2023 Results

About this update from Nova Ltd.

[{"type":"text","content":"REHOVOT, Israel, May 11, 2023 /PRNewswire/ -- Nova (Nasdaq: NVMI) today announced financial results for the first quarter ended March 31, 2023.\n \nFirst Quarter 2023 Highlights:\nQuarterly revenue of $132.2 million, down 1% year over yearGAAP net income of $34.6 million, or $1.09 per diluted share, up 2% year over year on a per-share basis, exceeding management guidance of $0.77 to $0.98Non-GAAP net income of $39.1 million, or $1.23 per diluted share, down 5% year over year on a per-share basis, exceeding management guidance of $0.93 to $1.14Significant improvement in blended gross margin, driven by record software revenues and a favorable product mixRecord bookings for materials metrology, including VERAFLEX, METRION, and ELIPSON platformsGAAP Results (K)\nQ1 2023\nQ4 2022\nQ1 2022\nRevenues\n$132,193\n$151,238\n$133,957\nNet Income\n$34,627\n$36,098\n$34,162\nEarnings per Diluted Share\n$1.09\n$1.14\n$1.07\n \nNon-GAAP Results (K)\nQ1 2023\nQ4 2022\nQ1 2022\nNet Income\n$39,075\n$40,778\n$41,487\nEarnings per Diluted Share\n$1.23\n$1.28\n$1.30\n \nA reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements included in this release. See also \"Use of Non-GAAP Adjusted Financial Measures\" section.\nManagement Comments\n\"Nova's performance in the first quarter displays resilience amidst a challenging industry environment. Our excellent profitability attests to the exceptional value our portfolio offers to customers and to the agility of our operational model,\" said Gaby Waisman, President and CEO. \"We're encouraged by the record bookings for our materials metrology solutions and believe our positioning in this strategic domain is a growth engine for years to come. As our industry charts a path forward, navigating a host of global volatile conditions, we at Nova remain focused on our strategic plans and infrastructure investments that will enable our long-term growth.\"\n2023 Second Quarter Financial Outlook\nManagement provided an outlook for the second quarter, the period ending June 30, 2023. Based on current estimates, management expects:\n$117 million to $125 million in revenue$0.75 to $0.89 in diluted GAAP EPS$0.92 to $1.06 in diluted non-GAAP EPS2023 First Quarter Results\nTotal revenues for the first quarter of 2023 were $132.2 million, a decrease of 13...

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