UPDATE: Nova Measuring Instruments (NVMI) Tops Q1 EPS by 5c, Revenues Beat; Offers 2Q Revenue Outlook Above Consensus, 2Q EPS Mid-Point Guidance Above Consensus
Nova Measuring Instruments (NASDAQ: NVMI) reported Q1 EPS of $0.41, $0.05 better than the analyst estimate of $0.36. Revenue for the quarter came in at $61.02 million versus the consensus estimate of $56.85 million.
First Quarter 2020 Highlights:
- Quarterly revenue of $61.0 million, exceeding guidance of $50 million to $60 million.
- GAAP net income of $11.7 million, or $0.41 per diluted share, exceeding guidance of $0.18 to $0.34 per share.
- Non-GAAP net income of $13.5 million, or $0.47 per diluted share, exceeding guidance of $0.26 to $0.42 per share.
- Balanced product revenue mix across Logic/Foundry and Memory.
- Nova's optical metrology solutions selected by leading global logic manufacturer for its global logic fabrication sites. Initial revenues were recognized in the first quarter of 2020.
Management Comments
"Nova performed well this quarter with revenue and profitability exceeding the guidance. These financial results demonstrate our solid execution capabilities as well as our resilient and agile operational model, which allows us to adapt quickly to uncertainties in the market," commented Eitan Oppenhaim, President and Chief Executive Officer. "Amid the global spread of the pandemic, our focus continues to be on the safety and well-being of our employees and partners. Although the market is still vulnerable, we have already taken the required measures to protect our production lines and supply chain to ensure business continuity throughout the year."
GUIDANCE:
Nova Measuring Instruments sees Q2 2020 EPS of $0.31-$0.57, versus the consensus of $0.33. Nova Measuring Instruments sees Q2 2020 revenue of $58-66 million, versus the consensus of $55.65 million.
For earnings history and earnings-related data on Nova Measuring Instruments (NVMI) click here.