CAMTEK ANNOUNCES RESULTS FOR THE SECOND QUARTER OF 2024
Camtek (NASDAQ: CAMT) reported record revenues of $102.6 million for Q2 2024, a 39% year-over-year increase. The company's GAAP operating income rose 73% to $25.9 million, while non-GAAP operating income grew 69% to $30.8 million. GAAP net income reached $28.0 million, and non-GAAP net income was $32.6 million. Camtek generated a strong positive operating cash flow of $49.2 million. The company's Q3 2024 revenue guidance is $107-110 million, representing approximately 35% year-over-year growth, driven by High Performance Computing applications. These results demonstrate Camtek's robust financial performance and positive outlook in the semiconductor inspection and metrology market.
Camtek (NASDAQ: CAMT) ha riportato ricavi record di 102,6 milioni di dollari per il secondo trimestre del 2024, con un incremento del 39% rispetto allo stesso periodo dell'anno precedente. L'utile operativo GAAP è aumentato del 73% raggiungendo i 25,9 milioni di dollari, mentre l'utile operativo non GAAP è cresciuto del 69%, arrivando a 30,8 milioni di dollari. L'utile netto GAAP ha raggiunto i 28,0 milioni di dollari, mentre l'utile netto non GAAP è stato di 32,6 milioni di dollari. Camtek ha generato un forte flusso di cassa operativo positivo di 49,2 milioni di dollari. Le previsioni di fatturato per il terzo trimestre del 2024 si attestano tra 107 e 110 milioni di dollari, corrispondenti a una crescita di circa il 35% anno su anno, sostenuta dalle applicazioni di High Performance Computing. Questi risultati dimostrano la solida performance finanziaria di Camtek e un outlook positivo nel mercato dell'ispezione e della metrologia dei semiconduttori.
Camtek (NASDAQ: CAMT) reportó ingresos récord de 102,6 millones de dólares para el segundo trimestre de 2024, lo que representa un aumento del 39% en comparación con el año anterior. El ingreso operativo GAAP creció un 73% hasta alcanzar los 25,9 millones de dólares, mientras que el ingreso operativo no GAAP aumentó un 69%, llegando a 30,8 millones de dólares. La utilidad neta GAAP alcanzó los 28,0 millones de dólares, y la utilidad neta no GAAP fue de 32,6 millones de dólares. Camtek generó un fuerte flujo de caja operativo positivo de 49,2 millones de dólares. La guía de ingresos para el tercer trimestre de 2024 es de 107 a 110 millones de dólares, lo que representa aproximadamente un crecimiento del 35% en comparación con el año anterior, impulsado por aplicaciones de computación de alto rendimiento. Estos resultados demuestran el sólido rendimiento financiero de Camtek y una perspectiva positiva en el mercado de inspección y metrología de semiconductores.
Camtek (NASDAQ: CAMT)는 2024년 2분기에 1억 26백만 달러의 기록적인 수익을 보고하며, 전년 대비 39% 증가했습니다. 회사의 GAAP 운영 수익은 73% 증가하여 2천 590만 달러에 도달했으며, 비 GAAP 운영 수익은 69% 증가하여 3천 80만 달러에 달했습니다. GAAP 순이익은 2천 800만 달러에 도달했고, 비 GAAP 순이익은 3천 260만 달러였습니다. Camtek은 4천 920만 달러의 강력한 긍정적인 운영 현금 흐름을 생성했습니다. 회사의 2024년 3분기 수익 가이드는 1억 7백만에서 1억 1천만 달러로, 약 35%의 연간 성장률을 나타내며, 이는 고성능 컴퓨팅 애플리케이션에 의해 추진됩니다. 이러한 결과는 반도체 검사 및 계측 시장에서 Camtek의 강력한 재무 성과와 긍정적인 전망을 입증합니다.
Camtek (NASDAQ: CAMT) a annoncé des revenus record de 102,6 millions de dollars pour le deuxième trimestre 2024, soit une augmentation de 39 % par rapport à l'année précédente. Le résultat opérationnel GAAP a augmenté de 73 % pour atteindre 25,9 millions de dollars, tandis que le résultat opérationnel non GAAP a progressé de 69 % pour s'élever à 30,8 millions de dollars. Le revenu net GAAP a atteint 28,0 millions de dollars, et le revenu net non GAAP s'est établi à 32,6 millions de dollars. Camtek a généré un solide flux de trésorerie opérationnel positif de 49,2 millions de dollars. Les prévisions de revenus pour le troisième trimestre 2024 sont de 107 à 110 millions de dollars, ce qui représente une croissance d'environ 35 % par rapport à l'année précédente, soutenue par des applications de calcul haute performance. Ces résultats démontrent la solide performance financière de Camtek et un outlook positif sur le marché de l'inspection et de la métrologie des semi-conducteurs.
Camtek (NASDAQ: CAMT) meldete Rekordumsätze von 102,6 Millionen Dollar für das zweite Quartal 2024, was einem Anstieg von 39 % im Vergleich zum Vorjahr entspricht. Das GAAP-Betriebsergebnis stieg um 73 % auf 25,9 Millionen Dollar, während das nicht GAAP-Betriebsergebnis um 69 % auf 30,8 Millionen Dollar wuchs. Der GAAP-Nettoertrag erreichte 28,0 Millionen Dollar, und der nicht GAAP-Nettoertrag betrug 32,6 Millionen Dollar. Camtek erzielte einen starken positiven operativen Cashflow von 49,2 Millionen Dollar. Die Umsatzprognose für das dritte Quartal 2024 liegt zwischen 107 und 110 Millionen Dollar, was einem Wachstum von etwa 35 % im Jahresvergleich entspricht, angetrieben durch Anwendungen im Bereich High Performance Computing. Diese Ergebnisse zeigen die robuste finanzielle Leistung von Camtek und den positiven Ausblick im Markt für Halbleiterinspektion und Messtechnik.
- Record quarterly revenue of $102.6 million, up 39% year-over-year
- GAAP operating income increased 73% to $25.9 million
- Non-GAAP operating income grew 69% to $30.8 million
- Strong positive operating cash flow of $49.2 million
- Q3 2024 revenue guidance of $107-110 million, up ~35% year-over-year
- None.
Insights
Camtek's Q2 2024 results showcase impressive growth and financial strength, signaling a robust position in the semiconductor inspection and metrology market. The record revenues of
The company's profitability metrics are equally noteworthy. GAAP operating income surged by
Perhaps most striking is the robust operating cash flow of
Looking ahead, Camtek's Q3 revenue guidance of
For investors, these results paint a picture of a company with strong growth trajectory, improving profitability and solid cash generation. However, it's important to monitor the sustainability of this growth rate and any potential market saturation or competitive pressures in the semiconductor equipment sector.
Camtek's stellar performance in Q2 2024 underscores the critical role of inspection and metrology in the semiconductor industry, particularly as we move towards more complex and demanding applications like High Performance Computing (HPC).
The company's significant revenue growth, especially in HPC applications, reflects the increasing importance of advanced process control in semiconductor manufacturing. As chip designs become more intricate and manufacturing processes more sophisticated, the need for precise inspection and measurement tools becomes paramount.
Camtek's success in this arena suggests they've developed cutting-edge technologies capable of meeting the exacting standards required for HPC applications. These might include advanced AI-driven defect detection, high-resolution 3D imaging, or novel metrology techniques for measuring critical dimensions at nanoscale levels.
The projected growth for Q3, again driven by HPC applications, indicates a sustained demand for these advanced technologies. This trend aligns with the broader industry movement towards more powerful, efficient and compact computing solutions, which require ever-more precise manufacturing processes.
However, it's important to note that the semiconductor industry is cyclical and highly competitive. Camtek's continued success will depend on its ability to stay at the forefront of technological advancements and adapt to rapidly evolving customer needs. Investors should keep an eye on Camtek's R&D investments and new product introductions to gauge its long-term competitiveness in this dynamic market.
Record revenues of
MIGDAL HAEMEK,
Highlights of the Second Quarter of 2024
- Record revenues of
$102.6 million 39% year-over-year (YoY) increase; - GAAP operating income of
$25.9 million 73% YoY) and non-GAAP operating income of$30.8 million 69% YoY), representing operating margins of25.2% and30.0% , respectively; - GAAP net income of
$28.0 million $32.6 million - Strong positive operating cash flow of
$49.2 million
Forward-Looking Expectations
Management expects revenues in the third quarter of 2024 between
Management Comment
Rafi Amit, Camtek's CEO commented, "I am very pleased with the quarterly results: year-over-year growth in revenue of
Concluded Mr. Amit, "The main growth driver in the semiconductors market is HPC modules for Generative AI and we are well positioned to benefit from it.
"Looking ahead, demand for HPC modules, as well as industry analysts' forecasts of growing demand for end-products such as mobile phones and PCs, plus major investment by key countries in establishing new local semiconductor manufacturing facilities, all give us further confidence for continued growth in the coming quarters."
Second Quarter 2024 Financial Results
Revenues for the second quarter of 2024 were 102.6 million. This compares to second quarter 2023 revenues of
Gross profit on a GAAP basis in the quarter totaled
Gross profit on a non-GAAP basis in the quarter totaled
Operating income on a GAAP basis in the quarter totaled
Operating income on a non-GAAP basis in the quarter totaled
Net income on a GAAP basis in the quarter totaled
Net income on a non-GAAP basis in the quarter totaled
Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of June 30, 2024, were
Conference Call
Camtek will host a video conference call/webinar today via Zoom, on Thursday, August 1, 2024, at 09:00 ET (16:00
To participate in the webinar, please register using the following link, which will provide access to the video call: https://us06web.zoom.us/webinar/register/WN_ZoPdAmVCR4ed7p0O78BeUg
For those wishing to listen via phone, following registration, the dial in link will be sent. For any problems in registering, please email Camtek's investor relations a few hours in advance of the call.
For those unable to participate, a recording will be available on Camtek's website at http://www.camtek.com within a few hours after the call.
A summary presentation of the quarterly results will also be available on Camtek's website.
ABOUT CAMTEK LTD.
Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.
With manufacturing facilities in
This press release is available at http://www.camtek.com
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to the effects of the evolving nature of the war situation in
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) acquisition related expenses and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release. The results reported in this press-release are preliminary unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.
Consolidated Balance Sheets | |||||
(In thousands) | |||||
June 30, | December 31, | ||||
2024 | 2023 | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 86,201 | 119,968 | |||
Short-term deposits | 256,250 | 215,250 | |||
Marketable securities | 23,615 | 18,816 | |||
Trade accounts receivable, net | 68,151 | 87,300 | |||
Inventories | 99,215 | 85,905 | |||
Other current assets | 27,048 | 19,548 | |||
Total current assets | 560,480 | 546,787 | |||
Long-term deposits | 6,000 | 21,000 | |||
Marketable securities | 81,817 | 73,576 | |||
Long-term inventory | 9,553 | 9,023 | |||
Deferred tax asset, net | 2,642 | 2,642 | |||
Other assets, net | 1,947 | 1,370 | |||
Property, plant and equipment, net | 44,246 | 41,987 | |||
Intangible assets, net | 15,145 | 16,937 | |||
Goodwill | 74,345 | 74,345 | |||
Total non- current assets | 235,695 | 240,880 | |||
Total assets | 796,175 | 787,667 | |||
Liabilities and shareholders' equity | |||||
Current liabilities | |||||
Trade accounts payable | 37,757 | 42,187 | |||
Other current liabilities | 69,777 | 54,487 | |||
Total current liabilities | 107,534 | 96,674 | |||
Long-term liabilities | |||||
Deferred tax liabilities, net | 5,845 | 7,541 | |||
Other long-term liabilities | 9,988 | 10,473 | |||
Convertible notes | 197,378 | 196,831 | |||
Total long-term liabilities | 213,211 | 214,845 | |||
Total liabilities | 320,745 | 311,519 | |||
Commitments and contingencies | |||||
Shareholders' equity | |||||
Ordinary shares 2024 and at December 31, 2023; | |||||
47,410,314 issued shares at June 30, 2024 and 46,993,998 at December 31, 2023; | |||||
45,317,938 shares outstanding at June 30, 2024 and 44,901,622 at December 31, 2023 |
177 |
176 | |||
Additional paid-in capital | 207,090 | 200,389 | |||
Accumulated other comprehensive income (loss) | (9) | 129 | |||
Retained earnings | 270,070 | 277,352 | |||
477,328 | 478,046 | ||||
Treasury stock, at cost (2,092,376 shares as of June 30, 2024 and December 31, 2023) |
(1,898) |
(1,898) | |||
Total shareholders' equity | 475,430 | 476,148 | |||
Total liabilities and shareholders' equity | 796,175 | 787,667 | |||
Camtek Ltd. | ||||||
Consolidated Statements of Operations | ||||||
(in thousands, except share data) | ||||||
Six months ended June 30, |
Three months ended June 30, |
Year ended December 31, | ||||
2024 | 2023 | 2024 | 2023 | 2023 | ||
Revenues | 199,601 | 146,215 | 102,591 | 73,758 | 315,375 | |
Cost of revenues | 103,638 | 77,378 | 51,447 | 38,785 | 167,742 | |
Gross profit | 95,963 | 68,837 | 51,144 | 34,973 | 147,633 | |
Operating expenses: | ||||||
Research and development costs | 18,146 | 15,672 | 9,196 | 8,118 | 31,470 | |
Selling, general and administrative costs | 30,694 | 24,037 | 16,063 | 11,922 | 50,751 | |
Total operating expenses | 48,840 | 39,709 | 25,259 | 20,040 | 82,221 | |
Operating income | 47,123 | 29,128 | 25,885 | 14,933 | 65,412 | |
Financial income, net | 10,624 | 10,864 | 5,014 | 5,754 | 22,218 | |
Income before income taxes | 57,747 | 39,992 | 30,899 | 20,687 | 87,630 | |
Income tax expense | (4,984) | (4,208) | (2,935) | (2,148) | (8,998) | |
Net income | 52,763 | 35,784 | 27,964 | 18,539 | 78,632 | |
Earnings per share information:
|
Six months ended June 30, |
Three months ended June 30, |
Year ended December 31, | |||
2024 | 2023 | 2024 | 2023 | 2023 | ||
Basic net earnings per share | 1.17 | 0.80 | 0.62 | 0.42 | 1.76 | |
Diluted net earnings per share | 1.08 | 0.74 | 0.57 | 0.38 | 1.63 | |
Weighted average number of ordinary shares outstanding (in thousands): | ||||||
Basic | 45,160 | 44,562 | 45,246 | 44,572 | 44,725 | |
Diluted | 49,283 | 48,531 | 49,310 | 48,628 | 48,863 | |
Camtek Ltd. | |||||
Reconciliation of GAAP To Non-GAAP results | |||||
(In thousands, except share data) | |||||
Six Months ended June 30, | Three Months ended June 30, | Year ended December 31, | |||
2024 | 2023 | 2024 | 2023 | 2023 | |
Reported net income attributable to Camtek Ltd. on GAAP basis |
52,763 |
35,784 |
27,964 |
18,539 |
78,632 |
Acquisition of FRT related expenses (1) | 4,034 | - | 650 | - | 4,550 |
Share-based compensation | 7,109 | 6,520 | 3,991 | 3,326 | 12,525 |
Non-GAAP net income | 63,906 | 42,304 | 32,605 | 21,865 | 95,707 |
Non–GAAP net income per diluted share | 1.30 | 0.87 | 0.66 | 0.44 | 1.96 |
Gross margin on GAAP basis | 48.1 % | 47.1 % | 49.9 % | 47.4 % | 46.8 % |
Reported gross profit on GAAP basis | 95,963 | 68,837 | 51,144 | 34,973 | 147,633 |
Acquisition of FRT related expenses (1) | 4,582 | - | 610 | - | 3,492 |
Share-based compensation | 1,006 | 807 | 608 | 415 | 1,591 |
Non- GAAP gross profit | 101,551 | 69,644 | 52,362 | 35,388 | 152,716 |
Non-GAAP gross margin | 50.9 % | 47.6 % | 51.0 % | 48.0 % | 48.4 % |
Reported operating income attributable to Camtek Ltd. on GAAP basis |
47,123 |
29,128 |
25,885 |
14,933 |
65,412 |
Acquisition of FRT related expenses (1) | 5,599 | - | 928 | - | 5,406 |
Share-based compensation | 7,109 | 6,520 | 3,991 | 3,326 | 12,525 |
Non-GAAP operating income | 59,831 | 35,648 | 30,804 | 18,259 | 83,343 |
(1) During the six-month period ended June 30, 2024, the Company recorded acquisition-related expenses of
During the three-month period ended June 30, 2024, the Company recorded acquisition-related expenses of
During the year ended December 31, 2023, the Company recorded acquisition expenses of
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com
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SOURCE Camtek Ltd.
FAQ
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