Business
Nova Reports Second Quarter 2019 Results
REHOVOT, Israel, Aug. 7, 2019 /PRNewswire/ -- Nova (Nasdaq: NVMI) today announced financial results for the second quarter 2019, the period ended June 30,
About this update from Nova Ltd.
[{"type":"text","content":" REHOVOT, Israel, Aug. 7, 2019 /PRNewswire/ -- Nova (Nasdaq: NVMI) today announced financial results for the second quarter 2019, the period ended June 30, 2019.\nSecond Quarter 2019 Highlights:\nQuarterly revenue of $51.1 million, meeting guidance of $45 million to $53 million. GAAP net income of $6.5 million, or $0.23 per diluted share, meeting guidance of $0.09 to $0.26 per share Non-GAAP net income of $9 million, or $0.32 per diluted share, meeting guidance of $0.17 to $0.35 per share Tool selection wins in a global memory customer led to a diversified customer mix with 65% of product revenue generated from memory Launched a breakthrough technology (PRIZM™) to enhance Nova's Dimensional Metrology portfolio \nA reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this release. Non-GAAP results exclude amortization of acquired intangible assets, stock-based compensation expenses, facilities transition costs, revaluation of long-term liabilities and tax effect of non-GAAP adjustments.\nManagement Comments \n\"Our second quarter results came within the high end of our guidance range, reflecting the progress we are making with leading Memory and Foundry customers in several key applications,\" commented Eitan Oppenhaim, President and Chief Executive Officer of Nova. \"We are encouraged by the traction our new technological developments are gaining in the market and are confident that our unique technical approach will support Nova's long-term growth.The first product launched as part of our new portfolio was the PRIZM™, a dimensional metrology platform, which integrates ground breaking technology allowing our customers to improve their yield and time to market in the most complex device fabrication processes,\" added Mr. Oppenhaim. \"We believe that the industry fundamental drivers will continue generating growth opportunities for us while we strengthen our market position and competitive portfolio.\"\n2019 Third Quarter Financial Outlook\nManagement provided an outlook for the third quarter, the period ending September 30, 2019. Based on current estimates, management expects:\n$46 million to $54 million in revenue $0.11 to $0.24 in diluted GAAP EPS $0.20 to $0.34 in diluted non-GAAP EPS2019 Second Quarter Results\nTotal revenues for the secon...