Camtek Ltd (NASDAQ: CAMT) reported Q2 EPS of $0.16, $0.01 better than the analyst estimate of $0.15. Revenue for the quarter came in at $37 million versus the consensus estimate of $37 million.

Highlights of the Second Quarter 2020

• Revenues were a quarterly record at $37.0 million, up 8% year-over-year;
• GAAP gross margin at 45.8%; Non-GAAP gross margin at 46.1%;
• GAAP operating income was $5.4 million and non-GAAP operating income was $6.4 million, representing margins of 14.6% and 17.2%, respectively;
• GAAP net income of $5.3 million, or $0.13 per diluted share, non-GAAP net income of $6.3 million, or $0.16 per diluted share; and
• Strong operating cash flow of $11.1 million with $101.5 million in net cash and short-term deposits at quarter-end.

Management Comment

Rafi Amit Camtek's CEO commented, "Camtek's second quarter results reflect continued demand for our products, especially in Asia.

"We have increased our market share in 2D inspection mainly as a result of the significant improvement in our system performance and competitiveness in all 2D applications. In addition, we are benefitting from our strategy of having in place local professional teams that can independently install and support machines in all our territories. This has enabled us to continue growing our business even during the COVID-19 pandemic."

Continued Mr. Amit, "The revenues in the second quarter were at a record level, and the ongoing demands from our customers for various applications point to a strong third quarter, with encouraging backlog for the fourth quarter. However, it is important to stress that we are still seeing the Coronavirus pandemic effects, which increase risks and uncertainties."

For earnings history and earnings-related data on Camtek Ltd (CAMT) click here.