Business
Nova Reports Record Second Quarter 2024 Financial Results
REHOVOT, Israel , Aug. 8, 2024 /PRNewswire/ -- Nova (Nasdaq: NVMI) today announced financial results for the second quarter, the three-month period ended June
About this update from Nova Ltd.
[{"type":"text","content":"REHOVOT, Israel , Aug. 8, 2024 /PRNewswire/ -- Nova (Nasdaq: NVMI) today announced financial results for the second quarter, the three-month period ended June 30, 2024.\n\nSecond Quarter 2024 Highlights:\nRecord Quarterly revenue of $156.9 million, a 11% QoQ increase, exceeding the Company guidance and up 28% YoY.GAAP net income of $45.1 million, or $1.41 per diluted share, exceeding the Company guidance, a 23% QoQ increase and up 48% YoY.Non-GAAP net income of $52.0 million, or $1.61 per diluted share, exceeding the Company guidance, a 16% increase QoQ, and up 52% YoY.Record booking for advanced packaging processes and materials metrology solutions.Record revenue from chemical metrology, driven by demand in high-bandwidth-memory and front-end logic processes. GAAP Results (K)\nQ2 2024\nQ1 2024\nQ2 2023\nRevenues\n$156,858\n$141,798\n$122,702\nNet Income\n$45,142\n$36,860\n$29,926\nEarnings per Diluted Share\n$1.41\n$1.15\n$0.95\n Non-GAAP Results (K)\nQ2 2024\nQ1 2024\nQ2 2023\nNet Income\n$51,956\n$44,612\n$33,814\nEarnings per Diluted Share\n$1.61\n$1.39\n$1.06\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 delivered an exceptionally strong quarter, exceeding the high end of the guidance, with record results across the board,\" said Gaby Waisman, President and CEO. \"Our performance was driven by broad demand for our entire portfolio, from a large number of customers and diverse territories. We succeeded in leveraging multiple opportunities created by the increasing demand for Gate-All-Around and advanced packaging solutions and the robust demand for mature nodes. We remain confident in our ability to outperform the market this year.\"\n2024 Third Quarter Financial Outlook\nManagement provided an outlook for the third quarter, the period ending September 30, 2024. Based on current estimates, management expects:\n$168 million to $176 million in revenue$1.39 to $1.52 in diluted GAAP EPS$1.60 to $1.73 in diluted non-GAAP EPS2024 Second Quarter Results\nTotal revenues for the second quarter of 2024 were $156.9 million, an increase of 11% compared with the first quarter of 2024 and an increase of 28% compared with the second quarter ...