Nova Reports Third Quarter 2020 Results

About this update from Nova Ltd.

[{"type":"text","content":"REHOVOT, Israel, Nov. 12, 2020 /PRNewswire/ -- Nova (Nasdaq: NVMI) today announced financial results for the third quarter 2020, the period ended September 30, 2020.\nBusiness Highlights:\nRecord quarterly revenue of $69.5 million, up 32% year-over-year GAAP net income of $13.9 million, or $0.48 per diluted share, up 60% year-over-year on a per-share basis Non-GAAP net income of $16.5 million, or $0.57 per diluted share, up 43% year-over-year on a per-share basis Record quarterly optical standalone revenues, driven by growing demand for Nova's unique dimensional metrology solutions In October, completed a private offering of $200 million of 0% convertible senior notes due 2025 \nGAAP Results ($K)\nQ3 2020\nQ2 2020\nQ3 2019\nRevenues\n$69,485\n$62,586\n$52,507\nNet Income\n$13,896\n$8,672\n$8,562\nEarnings per Diluted Share\n$0.48\n$0.30\n$0.30\nNON-GAAP Results ($K)\nQ3 2020\nQ2 2020\nQ3 2019\nNet Income\n$16,511\n$13,774\n$11,507\nEarnings per Diluted Share\n$0.57\n$0.48\n$0.40\n \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\"Nova's outstanding financial results for the quarter exceeded our previous expectations and guidance. These results demonstrate the resilience of our operational model and the strategic value we bring to our customers while they continue developing their next generation technology nodes,\" commented Eitan Oppenhaim, President and Chief Executive Officer. \"Following our strong operational execution in 2020, we remain confident in our strategy and the value we create, which provide us a solid base to deliver our long-term growth objectives.\"\n2020 Fourth Quarter Financial Outlook\nManagement provided an outlook for the fourth quarter, the period ending December 31, 2020. Based on current estimates, management expects:\n$66 million to $73 million in revenue $0.32 to $0.43 in diluted GAAP EPS $0.45 to $0.56 in diluted non-GAAP EPS2020 Third Quarter Results\nTotal revenues fo...

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