Business
Nova Reports Second Quarter 2023 Financial Results
REHOVOT, Israel, Aug. 3, 2023 /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. 3, 2023 /PRNewswire/ -- Nova (NASDAQ: NVMI) today announced financial results for the second quarter, the three-month period ended June 30, 2023.\nSecond Quarter 2023 Highlights:\nQuarterly revenue of $122.7 million, above the midpoint of guidance range of $117 to $125 million and down 13% year over year.GAAP net income of $29.9 million, or $0.94 per diluted share, higher than the company guidance of $0.75 to $0.89 and down 14% year over year on a per-share basis.Non-GAAP net income of $33.8 million, or $1.06 per diluted share, reaching the top of the company's guidance range of $0.92 to $1.06 and down 15% year over year on a per-share basis.Continued adoption of advanced dimensional and materials product portfolio, including the Elipson and multiple procurements of Nova's newest Veraflex model by a leading Memory customer.Heightened interest in Nova's unique technology offerings, including advanced packaging solutions, manifested by multiple evaluation processes at leading customers. \nGAAP Results (K)\nQ2 2023\nQ1 2023\nQ2 2022\nRevenues\n$122,702\n$132,193\n$141,628\nNet Income\n$29,926\n$34,627\n$34,878\nEarnings per Diluted Share\n$0.94\n$1.09\n$1.09\nNon-GAAP Results (K)\nQ2 2023\nQ1 2023\nQ2 2022\nNet Income\n$33,814\n$39,075\n$39,546\nEarnings per Diluted Share\n$1.06\n$1.23\n$1.24\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.\n \n \nManagement Comments\n\"Nova's results for the quarter met our expectations, highlighting the resilience of our portfolio, our wide exposure to new advanced applications, a well-maintained operational model, an effective combination of customers' focus and our roadmap of continuous investment in every division,\" said Gaby Waisman, President and CEO. \"The value of our broad Materials and Dimensional portfolio propels increased traction with several notable achievements this quarter, including new penetrations and additional orders following successful evaluations of our new portfolio products. These opportunities will allow us to broaden our position and capitalize on larger opportunities once the industry fully recovers.\"\n2023 Third Quarter Financial Outlook\nManagement provided an outlook for the...