Israel-based Nova (NASDAQ: NVMI) today announced financial results for the first quarter, the three-month period ended March 31, 2024. Total revenues for the first quarter of 2024 were $141.8 million, an increase of 6% compared with the fourth quarter of 2023 and an increase of 7% compared with the first quarter of 2023.
Gross margin in the first quarter of 2024 was 59%, compared with 55% in the fourth quarter of 2023 and 58% in the first quarter of 2023.
On a GAAP basis, the Company reported net income of $36.9 million, or $1.15 per diluted share, in the first quarter of 2024. This is compared with net income of $38.1 million, or $1.20 per diluted share, in the fourth quarter of 2023, and $34.6 million, or $1.10 per diluted share, in the first quarter of 2023.
Management provided an outlook for the second quarter, the period ending June 30, 2024. Based on current estimates, management expects:
• $144 million to $152 million in revenue
• $1.07 to $1.21 in diluted GAAP EPS
• $1.27 to $1.42 in diluted non-GAAP EPS
Nova is a leading innovator and key provider of material, optical and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art, high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle.
NVMI shares advanced $3.74, or 2.1%, to $184.86.