Onto Innovation Inc

Latest Results (20.08.2024):

Revenue Exceeds Guidance

Onto Innovation Inc. reported revenue of $242 million for the second fiscal quarter of 2024, surpassing the high end of their guidance. This increase was driven by additional pilot line expansions for high-performance computing using gate-all-around transistor architecture and high bandwidth memory (HBM) supporting AI market growth.

Strong Margins and Earnings

For the second quarter of 2024, Onto Innovation Inc. achieved a GAAP gross margin and non-GAAP gross margin of 53%. The company reported GAAP operating income of $49 million and GAAP net income of $53 million. Non-GAAP operating income and net income were both $65 million, with GAAP diluted earnings per share at $1.07 and non-GAAP diluted earnings per share at $1.32, both exceeding guidance ranges.

Record Cash from Operations

Onto Innovation Inc. recorded a historic high in cash from operations, amounting to $65 million, which represents 27% of their revenue for the second quarter of 2024. This strong cash flow underscores the company's robust financial health and operational efficiency.

Advanced Packaging Revenue

Revenue from specialty and advanced packaging customers reached a new quarterly record of $164 million, significantly bolstered by AI packaging customers. Onto Innovation Inc. also closed over $300 million in volume purchase agreements with two customers for their AI advanced packaging and gate-all-around investments through 2025.

Positive Outlook for Next Quarter

Looking ahead to the third fiscal quarter ending September 28, 2024, Onto Innovation Inc. expects revenue to be in the range of $245 to $255 million. The company anticipates GAAP diluted earnings per share to be between $0.98 and $1.08, and non-GAAP diluted earnings per share to range from $1.25 to $1.35, indicating continued strong performance.