Camtek Reports Third Quarter 2021 Results
Record results: $70.7 million revenue, up 76% YoY; 31% operating margin; Expects fourth quarter revenue of $72-73 million;
MIGDAL HAEMEK, Israel – October 27, 2021 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the third quarter of 2021.
Highlights of the Third Quarter of 2021
Revenues of $70.7 million, a 76% increase year-over-year;
- GAAP gross margin of 50.6%; non-GAAP gross margin of 50.9%;
- GAAP operating income of $20.1 million (28.5% of revenue); non-GAAP operating income of $21.7 million (30.6% of revenue);
- GAAP net income of $18.5 million or $0.41 per diluted share; non-GAAP net income of $20.0 million or $0.45 per diluted share; and
- Strong positive operating cash flow of $16.5 million.
Management expects continued growth for the fourth quarter with revenue to be between $72-73 million, implying over 70% revenue growth year-over-year for the full year of 2021.
Rafi Amit, Camtek’s CEO, commented, “I am very pleased with the continued growth in our revenue and profitability, which was due to ongoing strength of demand for our products. Given our solid backlog, the outlook for the fourth quarter and the first half of 2022 remains positive. We expect to end 2021 with a revenue growth of over 70% year-over-year, an unprecedented growth rate of which we are very proud.”
Continued Mr. Amit, “Since the beginning of October we have received orders for over $26 million, which gives us confidence in our business momentum.”
Third Quarter 2021 Financial Results
Revenues for the third quarter of 2021 were $70.7 million. This compares to third quarter 2020 revenues of $40.1 million, a growth of 76% year-over-year.
Gross profit on a GAAP basis in the quarter totaled $35.8 million (50.6% of revenues), up 84% compared to a gross profit of $19.4 million (48.5% of revenues) in the third quarter of 2020. Gross profit on a non-GAAP basis in the quarter totaled $36.0 million (50.9% of revenues), up 84% compared to a gross profit of $19.5 million (48.8% of revenues) in the third quarter of 2020.
Operating profit on a GAAP basis in the quarter totaled $20.1 million (28.5% of revenues), compared to an operating profit of $6.3 million (15.8% of revenues) in the third quarter of 2020. Operating profit on a non-GAAP basis in the quarter totaled $21.7 million (30.6% of revenues), compared to $7.6 million (19.0% of revenues) in the third quarter of 2020.
Net income on a GAAP basis in the quarter totaled $18.5 million, or $0.41 per diluted share, compared to net income of $6.0 million, or $0.15 per diluted share, in the third quarter of 2020.
Net income on a non-GAAP basis in the quarter totaled $20.0 million, or $0.45 per diluted share, compared to a non-GAAP net income of $7.3 million, or $0.18 per diluted share, in the third quarter of 2020.
Cash and cash equivalents and short-term deposits, as of September 30, 2021, were $204.9 million compared to $189.3 million as of June 30, 2021. In addition, there were $10.0 in long-term deposits.
During the quarter, Camtek generated $16.5 million in operating cash flow.
Camtek will host a video conference call/webinar today via Zoom, October 27, 2021, 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 video call please register at the following link:
A presentation will accompany the webinar. However, for those wishing to listen via phone, please dial: +1-301-715-8592 (United States) or +972 3 978 6688 (Israel) with meeting ID 848 3003 0577. For other dial in numbers, please visit: https://zoom.us/zoomconference.
For those unable to participate, a recording will be available from the above link or a link on Camtek’s website at https://www.camtek.com the day after the call.
A summary presentation of the quarterly results will also be available on Camtek’s website.