Nova Measuring Instruments (NASDAQ: NVMI) reported Q1 EPS of $0.37, $0.07 better than the analyst estimate of $0.30. Revenue for the quarter came in at $56.7 million versus the consensus estimate of $55.25 million.

• Quarterly revenue of $56.7 million, meeting guidance of $52 Million to $58 Million.
• GAAP net income of $7.8 million, or $0.27 per diluted share, exceeding guidance of $0.15 to $0.26 per share
• Non-GAAP net income of $10.4 million, or $0.37 per diluted share, exceeding guidance of $0.24 to $0.34 per share
• Five customers contributed 10% or more each to total product revenues, including two Foundry and three Memory providers
• Additional Memory penetration and extensive deliveries to leading edge Foundry led to a balanced revenue mix

"Nova continued to demonstrate solid execution through the first quarter of 2019, with revenue within the guidance range and EPS exceeding guidance. The results demonstrate the efficient business model we have built predicated on growing diversification in our revenue mix, customer base and technology offering" commented Eitan Oppenhaim, President and Chief Executive Officer of Nova. "Looking forward, we are confident in our strategy and expect that our balanced market exposure, combined with our newly awaited products, will further strengthen the company's fundamentals and will support our long-term growth plans as market conditions improve beyond the interim industry volatility."

GUIDANCE:

Nova Measuring Instruments sees Q2 2019 EPS of $0.17-$0.35, versus the consensus of $0.32. Nova Measuring Instruments sees Q2 2019 revenue of $45-53 million, versus the consensus of $56.02 million.

For earnings history and earnings-related data on Nova Measuring Instruments (NVMI) click here.