Onto Innovation ( (ONTO) ) has released its Q3 earnings. Here is a breakdown of the information Onto Innovation presented to its investors.
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Onto Innovation Inc. is a leader in process control within the semiconductor industry, providing advanced technologies for wafer quality, metrology, defect inspection, and more, serving a global customer base from its headquarters in the United States.
In its latest earnings report for the third quarter of 2024, Onto Innovation has demonstrated robust financial performance, with revenues reaching $252 million, driven by a resurgence in advanced nodes and strong demand for AI-supporting advanced packaging. The company achieved gross margins at the higher end of its guidance, reflecting solid execution.
The key financial metrics for the quarter include a GAAP gross margin of 54% and a non-GAAP gross margin of 55%, with GAAP operating income at $53 million and non-GAAP operating income at $70 million. Additionally, the company recorded a GAAP net income of $53 million, translating to diluted earnings per share of $1.07, while the non-GAAP figures showed a net income of $66 million and earnings per share of $1.34. The quarter also marked record inspection revenue and an impressive rise in revenue from power semiconductor customers, aided by the newly opened Packaging Applications Center of Excellence.
Looking ahead, Onto Innovation remains optimistic, projecting fourth-quarter revenue between $253 million to $267 million. The company anticipates GAAP diluted earnings per share to range from $1.04 to $1.19 and non-GAAP diluted earnings per share from $1.33 to $1.48, signaling continued strength in its markets and strategic initiatives.
