Rudolph Technologies (RTEC) Reports In-Line Q3 EPS; Offers Q4 EPS Outlook Below Consensus, Q4 Revenue Mid-Point View Below Consensus

Rudolph Technologies (NYSE: RTEC) reported Q3 EPS of $0.26, in-line with the analyst estimate of $0.26. Revenue for the quarter came in at $60.43 million versus the consensus estimate of $60.73 million.

Michael Plisinski, chief executive officer, commented, “Rudolph continues to build out its diversified business model and the third quarter saw growth in a number of areas most notably in specialty devices which increased 70 percent in the quarter and represented 29 percent of system revenue. This increase was primarily driven by RF manufacturers installing new systems and software for initial production of 5G modules. Software maintained its recovery in the quarter and we delivered an enterprise yield management system to provide process knowledge across four assembly and test facilities at a top tier automotive supplier in the quarter. Lastly, our lithography business leveraged our previous success in the panel market to add a second JetStep System tool into an OSAT customer’s wafer-level packaging expansion for automotive devices. Unfortunately the positive accomplishments were not enough to compensate for the pushouts in revenue from our memory customers which declined by 68% from the second quarter high.”

Mr. Plisinski concluded, “Consistent with prior statements we see the third quarter revenue as a low point for the year and growth returning in the 4th quarter resulting in our 4th consecutive record year. We continue to drive advances in our core product lines such as the Dragonfly G2 system while organically introducing new product lines to expand our TAM such as our announced new NovusEdgeTM system and our long-term program for our high resolution display lithography tool. We believe that our continued pace of innovation will provide continued growth for Rudolph and are confident in our strategy. Our recently announced $40M stock buyback program demonstrates our confidence in our financial ability to execute our innovation strategy and provide an additional method of shareholder return.”

GUIDANCE:

Rudolph Technologies sees Q4 2018 EPS of $0.24-$0.31, versus the consensus of $0.32. Rudolph Technologies sees Q4 2018 revenue of $60-66 million, versus the consensus of $64.86 million.

For earnings history and earnings-related data on Rudolph Technologies (RTEC) click here.

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