Onto Innovation Q2 revenue beats estimates
Overview
Onto Innovation Q2 revenue rises 5% yr/yr, beating analyst expectations
Adjusted EPS of $1.25 missed analyst estimates, per LSEG data
Company had acquired Semilab product lines for $545 mln
Outlook
Onto Innovation expects Q3 revenue between $210 mln and $225 mln
Company forecasts Q3 gross margin of 53% to 55%
Onto Innovation anticipates Q3 non-GAAP EPS of $0.75 to $0.95
Company sees Q3 as low revenue point, expects Q4 rebound
Result Drivers
DRAGONFLY EXPANSION - Expanded Dragonfly 3Di metrology footprint with shipments to over 10 customers for various applications
DEFECT INSPECTION ADOPTION - Strong adoption of sub-surface defect inspection with over 20 Dragonfly systems shipped for AI packaging
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $253.60 mln | $252.30 mln (7 Analysts) |
Q2 Adjusted EPS | Miss | $1.25 | $1.27 (7 Analysts) |
Q2 EPS |
| $0.69 |
|
Q2 Net Income |
| $33.91 mln |
|
Q2 Gross Margin |
| 48.2% |
|
Q2 Operating Income |
| $32.25 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the semiconductor equipment & testing peer group is "buy"
Wall Street's median 12-month price target for Onto Innovation Inc is $140.00, about 35.7% above its August 6 closing price of $90.00
The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 19 three months ago
Press Release: ID:nBwbnc9R0a
