CAMTEK ANNOUNCES RESULTS FOR THE THIRD QUARTER OF 2024
Camtek reported strong financial results for Q3 2024, achieving record revenues of $112.3 million, marking a 40% increase year-over-year. The company demonstrated robust profitability with GAAP operating income of $29.6 million (up 56% YoY) and non-GAAP operating income of $34.2 million. Operating margins reached 26.4% GAAP and 30.6% non-GAAP. GAAP net income stood at $32.7 million, while non-GAAP net income was $37.0 million. The company generated strong operating cash flow of $35.8 million and provided Q4 revenue guidance of approximately $115 million, representing a 30% YoY increase, driven primarily by High Performance Computing applications.
Camtek ha riportato risultati finanziari solidi per il terzo trimestre del 2024, raggiungendo entrate record di 112,3 milioni di dollari, segnando un aumento del 40% rispetto all'anno precedente. L'azienda ha dimostrato una robusta redditività con un utile operativo GAAP di 29,6 milioni di dollari (in aumento del 56% anno su anno) e un utile operativo non GAAP di 34,2 milioni di dollari. I margini operativi hanno raggiunto il 26,4% GAAP e il 30,6% non GAAP. Il reddito netto GAAP è stato di 32,7 milioni di dollari, mentre il reddito netto non GAAP è stato di 37,0 milioni di dollari. L'azienda ha generato un forte flusso di cassa operativo di 35,8 milioni di dollari e ha fornito una previsione di entrate per il quarto trimestre di circa 115 milioni di dollari, rappresentando un aumento del 30% anno su anno, guidato principalmente dalle applicazioni di High Performance Computing.
Camtek reportó resultados financieros sólidos para el tercer trimestre de 2024, alcanzando ingresos récord de 112,3 millones de dólares, lo que representa un aumento del 40% con respecto al año anterior. La compañía demostró una sólida rentabilidad con ingresos operativos GAAP de 29,6 millones de dólares (un aumento del 56% interanual) y ingresos operativos no GAAP de 34,2 millones de dólares. Los márgenes operativos alcanzaron el 26,4% GAAP y el 30,6% no GAAP. El ingreso neto GAAP fue de 32,7 millones de dólares, mientras que el ingreso neto no GAAP fue de 37,0 millones de dólares. La empresa generó un fuerte flujo de caja operativo de 35,8 millones de dólares y proporcionó una guía de ingresos para el cuarto trimestre de aproximadamente 115 millones de dólares, representando un aumento del 30% interanual, impulsado principalmente por aplicaciones de Computación de Alto Rendimiento.
Camtek은 2024년 3분기에 대해 강력한 재무 결과를 보고하며, 최고 기록의 수익인 1억 1,230만 달러를 달성하여 전년 대비 40% 증가했습니다. 회사는 GAAP 운영 수익이 2,960만 달러(전년 대비 56% 증가)인 강력한 수익성을 보여주었고, 비 GAAP 운영 수익은 3,420만 달러에 달했습니다. 운영 마진은 GAAP 기준으로 26.4%, 비 GAAP 기준으로 30.6%에 도달했습니다. GAAP 순이익은 3,270만 달러였고, 비 GAAP 순이익은 3,700만 달러였습니다. 회사는 3,580만 달러의 강력한 운영현금흐름을 생성하였으며, 4분기 수익 안내를 약 1억 1,500만 달러로 제공하였으며, 이는 전년 대비 30% 증가한 수치로 주로 고성능 컴퓨팅 애플리케이션에 의해 주도되었습니다.
Camtek a annoncé de solides résultats financiers pour le troisième trimestre 2024, atteignant des revenus records de 112,3 millions de dollars, marquant une augmentation de 40% par rapport à l'année précédente. L'entreprise a démontré une rentabilité robuste avec un résultat d'exploitation GAAP de 29,6 millions de dollars (en hausse de 56% par rapport à l'année précédente) et un résultat d'exploitation non GAAP de 34,2 millions de dollars. Les marges opérationnelles ont atteint 26,4% GAAP et 30,6% non GAAP. Le bénéfice net GAAP s'établissait à 32,7 millions de dollars, tandis que le bénéfice net non GAAP était de 37,0 millions de dollars. L'entreprise a généré un fort flux de trésorerie opérationnel de 35,8 millions de dollars et a fourni une prévision de revenus pour le quatrième trimestre d'environ 115 millions de dollars, représentant une augmentation de 30% par rapport à l'année précédente, principalement en raison des applications de haute performance en informatique.
Camtek hat für das dritte Quartal 2024 starke finanzielle Ergebnisse gemeldet, mit Rekordumsätzen von 112,3 Millionen Dollar, was einem Anstieg von 40% im Vergleich zum Vorjahr entspricht. Das Unternehmen zeigte eine robuste Rentabilität mit einem GAAP Betriebsergebnis von 29,6 Millionen Dollar (ein Anstieg von 56% im Jahresvergleich) und einem nicht GAAP Betriebsergebnis von 34,2 Millionen Dollar. Die Betriebsmargen erreichten 26,4% GAAP und 30,6% nicht GAAP. Der GAAP Nettogewinn betrug 32,7 Millionen Dollar, während der nicht GAAP Nettogewinn 37,0 Millionen Dollar betrug. Das Unternehmen generierte einen starken operativen Cashflow von 35,8 Millionen Dollar und gab eine Umsatzprognose für das vierte Quartal von etwa 115 Millionen Dollar bekannt, was einem Anstieg von 30% im Jahresvergleich entspricht, hauptsächlich angetrieben durch Anwendungen im Bereich High Performance Computing.
- Record quarterly revenue of $112.3 million, up 40% YoY
- GAAP operating income increased 56% YoY to $29.6 million
- Strong operating margins of 26.4% GAAP and 30.6% non-GAAP
- Positive operating cash flow of $35.8 million
- Q4 guidance projects continued growth with ~$115 million revenue
- None.
Insights
Camtek delivered an outstanding quarter with
The
The surge in High Performance Computing (HPC) applications is driving Camtek's growth, reflecting the broader industry trend toward advanced computing solutions. The company's inspection equipment plays a important role in ensuring quality control for sophisticated semiconductor manufacturing processes. The strong results indicate Camtek is successfully capitalizing on the AI and data center infrastructure buildout, which requires increasingly complex and precise inspection solutions.
Record revenues of
MIGDAL HAEMEK,
Highlights of the third quarter of 2024
- Record revenues of
, a$112.3 million 40% year-over-year (YoY) increase; - GAAP operating income of
(up$29.6 million 56% YoY) and non-GAAP operating income of (up$34.2 million 56% YoY), representing operating margins of26.4% and30.6% , respectively; - GAAP net income of
and non-GAAP net income of$32.7 million ; and$37.0 million - Strong positive operating cash flow of
.$35.8 million
Forward-Looking Expectations
Management expects revenues in the fourth quarter of 2024 of approximately
Management Comment
Rafi Amit, Camtek's CEO commented, "I am very pleased with the results of the third quarter and especially happy with the positive response to the introduction of our new product in September, the Eagle G5, as reflected by the
"Looking ahead, the demand in the HPC segment remains healthy. We expect the overall contribution of HPC to our business this year to be around
Continued Mr. Amit, "Based on our current order flow, backlog, and pipeline, our revenue guidance for the fourth quarter is around
Third Quarter 2024 Financial Results
Revenues for the third quarter of 2024 were
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 September 30, 2024, were
Conference Call
Camtek will host a video conference call/webinar today via Zoom, on Tuesday, November 12, 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_b54LkdsSS4KNojb_vrH76w
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) | |||||||||
September 30, | December 31, | ||||||||
2024 | 2023 | ||||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | 99,292 | 119,968 | |||||||
Short-term deposits | 273,350 | 215,250 | |||||||
Marketable securities | 26,839 | 18,816 | |||||||
Trade accounts receivable, net | 70,749 | 87,300 | |||||||
Inventories | 104,941 | 85,905 | |||||||
Other current assets | 25,049 | 19,548 | |||||||
Total current assets | 600,220 | 546,787 | |||||||
Long-term deposits | 6,000 | 21,000 | |||||||
Marketable securities | 83,188 | 73,576 | |||||||
Long-term inventory | 11,309 | 9,023 | |||||||
Deferred tax asset, net | 2,642 | 2,642 | |||||||
Other assets, net | 2,034 | 1,370 | |||||||
Property, plant and equipment, net | 47,418 | 41,987 | |||||||
Intangible assets, net | 14,258 | 16,937 | |||||||
Goodwill | 74,345 | 74,345 | |||||||
Total non- current assets | 241,194 | 240,880 | |||||||
Total assets | 841,414 | 787,667 | |||||||
Liabilities and shareholders' equity | |||||||||
Current liabilities | |||||||||
Trade accounts payable | 44,160 | 42,187 | |||||||
Other current liabilities | 69,451 | 54,487 | |||||||
Total current liabilities | 113,611 | 96,674 | |||||||
Long-term liabilities | |||||||||
Deferred tax liabilities, net | 5,388 | 7,541 | |||||||
Other long-term liabilities | 10,911 | 10,473 | |||||||
Convertible notes | 197,651 | 196,831 | |||||||
213,950 | 214,845 | ||||||||
Total liabilities | 327,561 | 311,519 | |||||||
Shareholders' equity | |||||||||
Ordinary shares | |||||||||
47,480,007 issued shares at September 30, 2024 and 46,993,998 at | |||||||||
45,387,631 shares outstanding at September 30, 2024 and 44,901,622 at |
177 |
176 | |||||||
Additional paid-in capital | 211,229 | 200,389 | |||||||
Accumulated other comprehensive income (loss) | 1,532 | 129 | |||||||
Retained earnings | 302,813 | 277,352 | |||||||
515,751 | 478,046 | ||||||||
Treasury stock, at cost (2,092,376 shares as of September 30, 2024 and |
(1,898) |
(1,898) | |||||||
Total shareholders' equity | 513,853 | 476,148 | |||||||
Total liabilities and shareholders' equity | 841,414 | 787,667 | |||||||
Consolidated Statements of Operations | ||||||
(in thousands, except share data) | ||||||
Nine months ended September 30, |
Three months ended September 30, |
Year ended December 31, | ||||
2024 | 2023 | 2024 | 2023 | 2023 | ||
Revenues | 311,941 | 226,685 | 112,340 | 80,470 | 315,375 | |
Cost of revenues | 160,122 | 118,840 | 56,484 | 41,462 | 167,742 | |
Gross profit | 151,819 | 107,845 | 55,856 | 39,008 | 147,633 | |
Research and development costs | 27,916 | 23,428 | 9,770 | 7,756 | 31,470 | |
Selling, general and administrative expenses | 47,134 |
36,224 |
16,440 |
12,187 |
50,751 | |
75,050 |
59,652 |
26,210 |
19,943 |
82,221 | ||
Operating profit | 76,769 | 48,193 | 29,646 | 19,065 | 65,412 | |
Financial income, net | 16,994 | 16,536 | 6,370 | 5,672 | 22,218 | |
Income before income taxes | 93,763 | 64,729 | 36,016 | 24,737 | 87,630 | |
Income tax expense | (8,257) | (6,887) | (3,273) | (2,679) | (8,998) | |
Net income | 85,506 | 57,842 | 32,743 | 22,058 | 78,632 | |
Net income per ordinary share:
|
Nine months ended September 30, |
Three months ended September 30, |
Year ended December 31, | |||
2024 | 2023 | 2024 | 2023 | 2023 | ||
Basic net earnings per share | 1.86 | 1.30 | 0.71 | 0.49 | 1.76 | |
Diluted net earnings per share | 1.75 | 1.20 | 0.67 | 0.46 | 1.63 | |
Weighted average number of | ||||||
ordinary shares outstanding | ||||||
(in thousands): | ||||||
Basic | 45,912 | 44,614 | 46,016 | 44,728 | 44,725 | |
Diluted | 49,333 | 48,682 | 49,437 | 48,965 | 48,863 |
Reconciliation of GAAP To Non-GAAP results | |||||
(In thousands, except share data) | |||||
Nine Months ended | Three Months ended | Year ended | |||
September 30, | September 30, | December 31, | |||
2024 | 2023 | 2024 | 2023 | 2023 | |
Reported net income attributable to Camtek Ltd. on GAAP basis
|
85,506 |
57,842 |
32,743 |
22,058 |
78,632 |
Acquisition of FRT related expenses (1) | 4,684 | - | 650 | - | 4,550 |
Share-based compensation | 10,723 | 9,657 | 3,614 | 3,137 | 12,525 |
Non-GAAP net income | 100,913 | 67,499 | 37,007 | 25,195 | 95,707 |
Non–GAAP net income per diluted share
| 2.05 | 1.39 | 0.75 | 0.51 | 1.96 |
Gross margin on GAAP basis | 48.7 % | 47.5 % | 49.7 % | 48.5 % | 46.8 % |
Reported gross profit on GAAP basis | 151,819 | 107,845 | 55,856 | 39,008 | 147,633 |
Acquisition of FRT related expenses (1) | 5,192 | - | 610 | - | 3,492 |
Share-based compensation | 1,602 | 1,196 | 596 | 389 | 1,591 |
Non- GAAP gross profit | 158,613 | 109,041 | 57,062 | 39,397 | 152,716 |
Non-GAAP gross margin | 50.8 % | 48.1 % | 50.8 % | 49.0 % | 48.4 % |
Reported operating income attributable to Camtek Ltd. on GAAP basis |
76,769 |
48,193 |
29,646 |
19,065 |
65,412 |
Acquisition of FRT related expenses (1) | 6,527 | - | 928 | - | 5,406 |
Share-based compensation | 10,723 | 9,657 | 3,614 | 3,137 | 12,525 |
Non-GAAP operating income | 94,019 | 57,850 | 34,188 | 22,202 | 83,343 |
(1) During the nine-month period ended September 30, 2024, the Company recorded acquisition-related expenses of During the three-month period ended September 30, 2024, the Company recorded acquisition-related expenses of During the year ended December 31, 2023, the Company recorded acquisition expenses of
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CAMTEK LTD. Moshe Eisenberg, CFO Tel: +972 4 604 8308 Mobile: +972 54 900 7100 | INTERNATIONAL INVESTOR RELATIONS EK Global Investor Relations Ehud Helft Tel: (US) 1 212 378 8040
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SOURCE Camtek Ltd.
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