Nova Posts Record $287.8M Q3 Revenue on Chip Tool Demand

Nova Ltd., the NASDAQ-listed maker of process-control tools for chip plants, reported record third-quarter revenue of $287.8 million on Thursday, up 13% from the prior quarter and 28% from a year earlier, according to results the company filed with the Securities and Exchange Commission and released from Rehovot, Israel.

• Revenue: $287.8 million (record), vs. $255.0 million in Q2 and $224.6 million a year earlier
• GAAP net income / diluted EPS: $90.0 million / $2.64 (record), vs. $61.4 million / $1.90 a year earlier
• Non-GAAP net income / diluted EPS: $98.4 million / $2.86 (record)
• Gross margin: 57.7%, vs. 56.7% a year earlier
• Operating expenses: $73.3 million, vs. $63.6 million a year earlier

The Associated Press summarized the same figures in a Thursday snapshot, citing $90 million in earnings, $2.64 a share on a GAAP basis, $2.86 adjusted, and $287.8 million in revenue.

Where growth came from

Nova said advanced packaging solutions and memory-device tools each posted record revenue in the quarter, tied to capacity expansions in high-bandwidth memory and advanced logic and to demand for dimensional and materials metrology. Chief Executive Gaby Waisman said the company also saw strong demand from logic customers and cited improved visibility into customer investment plans.

Fourth-quarter outlook

Management guided fourth-quarter revenue to $305 million to $315 million, diluted GAAP earnings to $2.78 to $2.93 a share, and diluted non-GAAP earnings to $3.03 to $3.18 a share. Product revenue was $231.9 million and services revenue $56.0 million in the third quarter. Nova trades on NASDAQ and the Tel Aviv Stock Exchange under the ticker NVMI.

Sources: Nova Ltd., Nova Form 6-K (SEC), Associated Press via WTOP, Nasdaq