Camtek Announces Record Revenue for the Third Quarter of 2022
Revenue of $82.0 million; Expects Record Annual Revenue of around $320m for 2022
MIGDAL HAEMEK, Israel – November 17, 2022 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the third quarter ended September 30, 2022.
Highlights of the Third Quarter of 2022
- Record quarterly revenue of $82.0 million; a 16% increase year-over-year;
- GAAP operating income of $20.6 million; non-GAAP operating income of $23.2 million, representing an operating margin of 25.2% and 28.3% respectively;
- GAAP net income of $20.7 million and non-GAAP net income of $23.3 million; and
- Strong operating cash flow of $25.3 million.
Management expects fourth quarter revenue to be similar to those of the third quarter, translating into record annual revenue of around $320 million for 2022.
Rafi Amit, Camtek’s CEO commented, “We had another record quarter and are providing positive guidance for the fourth quarter. In an increasingly complex environment, we are positioned to achieve a record year in 2022, supported by the company’s diversified customer base, geographies and various secular trends.”
Third Quarter 2022 Financial Results
Revenue for the third quarter of 2022 was $82.0 million, an increase of 16% compared to the third quarter of 2021.
Gross profit on a GAAP basis in the quarter totaled $39.9 million (48.6% of revenue), compared to a gross profit of $35.8 million (50.6% of revenue) in the third quarter of 2021. Gross profit on a non-GAAP basis in the quarter totaled $40.2 million (49.0% of revenue), compared to $36.0 million (50.9% of revenue) in the third quarter of 2021.
Operating profit on a GAAP basis in the quarter totaled $20.6 million (25.2% of revenue), compared to an operating profit of $20.1 million (28.5% of revenue) in the third quarter of 2021. Operating profit on a non-GAAP basis in the quarter totaled $23.2 million (28.3% of revenue), compared to $21.7 million (30.6% of revenue) in the third quarter of 2021.
Net income on a GAAP basis in the quarter totaled $20.7 million, or $0.43 per diluted share, compared to net income of $18.5 million, or $0.41 per diluted share, in the third quarter of 2021. Net income on a non-GAAP basis in the quarter totaled $23.3 million, or $0.48 per diluted share, compared to non-GAAP net income of $20.0 million, or $0.45 per diluted share, in the third quarter of 2021.
Cash and cash equivalents and short-term deposits, as of September 30, 2022 were $392.3 million compared to $391 million as of June 30, 2022. In addition, there were $68.0 million in long-term deposits compared to $47.0 million as of June 30, 2022. During the quarter, Camtek generated $25.3 million in operating cash flow.
The Company will hold a conference call today starting at 9:00 am ET. Rafi Amit, CEO, Moshe Eisenberg, CFO and Ramy Langer, COO will host the call and will be available to answer questions after presenting the results.
To participate, please call one of the following telephone numbers a few minutes before the start of the call:
US: 1 866 229 7198 at 9:00 am Eastern Time
Israel: 03 918 0610 at 4:00 pm Israel Time
International: +972 3 918 0610
Alternatively, the call will be webcast from a link on Camtek’s investor relations website, at https://www.camtek.com/investors/
For those unable to participate, the call will be available for replay on Camtek’s website beginning 24 hours after the call.
A summary presentation of the quarterly results will also be available on Camtek’s website.