Business
Nova Reports Second Quarter 2020 Results
REHOVOT, Israel, Aug. 4, 2020 /PRNewswire/ -- Nova (Nasdaq: NVMI) today announced financial results for the second quarter 2020, the period ended June 30,
About this update from Nova Ltd.
[{"type":"text","content":"REHOVOT, Israel, Aug. 4, 2020 /PRNewswire/ -- Nova (Nasdaq: NVMI) today announced financial results for the second quarter 2020, the period ended June 30, 2020.\nSecond Quarter 2020 Highlights:\nQuarterly revenue of $62.6 million, meeting guidance of $58 million to $66 million GAAP net income of $8.7 million, or $0.30 per diluted share, meeting guidance of $0.29 to $0.43 per share Non-GAAP net income of $13.8 million, or $0.48 per diluted share, meeting guidance of $0.37 to $0.51 per share Balanced revenue mix with five major customers contributing over 10% each to the geographically diverse product revenue Record quarterly integrated metrology revenues, driven by growing demand for advanced integrated solutions across different technology nodes \nGAAP Results ($K)\nQ2 2020\nQ1 2020\nQ2 2019\nRevenues\n$62,586\n$61,022\n$51,120\nNet Income\n$8,672\n$11,682\n$6,468\nEarnings per Diluted Share\n$0.30\n$0.41\n$0.23\nNON-GAAP Results ($K)\nQ2 2020\nQ1 2020\nQ2 2019\nNet Income\n$13,774\n$13,481\n$9,007\nEarnings per Diluted Share\n$0.48\n$0.47\n$0.32\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, expense related to a transaction made by a financial institution without Company authorization, facilities transition costs, revaluation of long-term liabilities and tax effect of non-GAAP adjustments.\nManagement Comments\n\"Our second quarter results met our expectations and Company guidance, highlighting our ability to successfully navigate through the dynamic global environment caused by the COVID-19 pandemic. The success of our decisive actions to secure our supply chain and production capabilities, while ensuring business continuity, is evident in our achievements this quarter. During the second quarter, we continued to execute well and achieved important milestones in our new product rollout plans with several leading customers,\" stated Eitan Oppenhaim, President and Chief Executive Officer. \"Despite various market uncertainties, we remain focused on the Company's growth as we leverage the current steady demand for our products.\"\n2020 Third Quarter Financial Outlook\nManagement provided an outlook for the third quarter...