CAMTEK ANNOUNCES RESULTS FOR THE THIRD QUARTER OF 2023
Revenue of $80.5 million; Continued growth expected in the fourth quarter and into 2024
MIGDAL HAEMEK, Israel – November 14, 2023 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), announced today its financial results for the third quarter ended September 30, 2023.
Highlights of the Third Quarter of 2023
- Revenue of $80.5 million; a 9% sequential growth;
- GAAP operating income of $19.1 million; non-GAAP operating income of $22.2 million, representing an operating margin of 23.7% and 27.6% respectively;
- GAAP net income of $22.1 million and non-GAAP net income of $25.2 million;
- Positive operating cash flow of $12.4 million; and
- FRT acquisition closed on October 31, 2023.
For the fourth quarter, management expects continued organic growth and, together with the contribution from the FRT business, Camtek’s fourth quarter revenue is expected to be at a record of between $87-89 million.
Rafi Amit, Camtek’s CEO commented, “Since the beginning of the third quarter we have received orders for 240 systems including an order announced yesterday for 28 systems from a tier-one customer for the inspection and metrology of High Bandwidth Memory and Heterogeneous Integration applications. Most of the orders are for installation during 2024. This healthy backlog, with additional expected orders in the pipeline, points to a year of growth for Camtek and we expect record revenue in 2024.”
Third Quarter 2023 Financial Results
Revenues for the third quarter of 2023 were $80.5 million, an increase of 9% from the previous quarter and a decrease of 2% compared to the third quarter of 2022.
Gross profit on a GAAP basis in the quarter totaled $39.0 million (48.5% of revenue), compared to a gross profit of $39.9 million (48.6% of revenue) in the third quarter of 2022. Gross profit on a non-GAAP basis in the quarter totaled $39.4 million (49.0% of revenue), compared to $40.2 million (49.0% of revenue) in the third quarter of 2022.
Operating profit on a GAAP basis in the quarter totaled $19.1 million (23.7% of revenue), compared to an operating profit of $20.6 million (25.2% of revenue) in the third quarter of 2022. Operating profit on a non-GAAP basis in the quarter totaled $22.2 million (27.6% of revenue), compared to $23.2 million (28.3% of revenue) in the third quarter of 2022.
Net income on a GAAP basis in the quarter totaled $22.1 million, or $0.46 per diluted share, compared to net income of $20.7 million, or $0.43 per diluted share, in the third quarter of 2022. Net income on a non-GAAP basis in the quarter totaled $25.2 million, or $0.52 per diluted share, compared to non-GAAP net income of $23.3 million, or $0.48 per diluted share, in the third quarter of 2022.
Cash and cash equivalents, short-term and long-term deposits and marketable securities, as of September 30, 2023 were $517.1 million compared to $506.3 million as of June 30, 2023. It is noted that $100 million was paid out in the fourth quarter following the close of the acquisition of FRT. During the third quarter, Camtek generated $12.4 million in operating cash flow.
Camtek will host a video conference call today via Zoom, November 14, 2023, at 9:00 am ET (16:00 Israel time).
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 in the call, please register using the following link well in advance of the call, which will email the link with which to access the call:
For those wishing to listen via phone, following registration, a dial-in link will also be sent.
For those unable to participate, a recording will be available on Camtek’s website at https://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.