Onto Innovation Inc Reports Financial Results for Second Fiscal Quarter of 2024
Intellectia.AI1970-01-01
Onto Innovation Inc. Reports Financial Results for Second Fiscal Quarter of 2024
Onto Innovation Inc. (NYSE:ONTO) announced its financial results for the second fiscal quarter of 2024, including notable revenue and earnings figures that surpassed expectations.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change (%) | QoQ Change (%) | Consensus Estimates |
|---|---|---|---|---|---|---|
| Revenue | $242M | N/A | N/A | N/A | N/A | $235.47M |
| GAAP EPS | $1.07 | N/A | N/A | N/A | N/A | $1.2 |
| Non-GAAP EPS | $1.32 | N/A | N/A | N/A | N/A | $1.2 |
Interpretation: Onto Innovation delivered a strong financial performance in Q2 2024, with total revenue reaching $242 million, exceeding consensus estimates of $235.47 million. Both GAAP and non-GAAP earnings per share beat the consensus estimates, showcasing the company’s effective cost management and strong demand in AI packaging and advanced semiconductor nodes.
Revenue Performance by Segment
| Segment | Revenue Q2 2024 | Guidance | Commentary |
|---|---|---|---|
| Specialty and Advanced Packaging | $164M | Above | New quarterly record fueled by AI packaging customers |
| Advanced Nodes | Not specified | Above | Increased revenue led by Atlas® and Iris™ systems |
Interpretation: Onto Innovation’s standout segment was specialty and advanced packaging, setting a new record with $164 million in revenue, driven by the AI market. Advanced nodes also showed strong performance, gaining traction through the use of the Atlas® and Iris™ systems for gate-all-around devices.
Key Operational Data
| Metric | Q2 2024 |
|---|---|
| Cash from Operations | $65M (27% of revenue) |
| Volume Purchase Agreements | $300M (through 2025) |
Comments from Company Officers
Michael Plisinski, Onto’s CEO, highlighted the company's collaboration with technology leaders in advanced packaging and nodes for yield improvements and faster ramp times. He mentioned a growing adoption of Onto's metrology solutions in these markets, projecting continued strength in revenue growth into 2025.
Forward Guidance
For the third fiscal quarter ending September 28, 2024, Onto Innovation provided the following guidance: - Revenue: $245M to $255M - GAAP Diluted EPS: $0.98 to $1.08 - Non-GAAP Diluted EPS: $1.25 to $1.35
Stock Price Movement
Following the earnings release, Onto Innovation's stock saw a surge, experiencing an 8.42% increase.
In summary, Onto Innovation's second quarter results for 2024 reflect robust financial health and sector leadership, particularly in specialty and advanced packaging, buoyed by strong market demand and technological advancements.
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