Nova (TA: Nova; NASDAQ: NVMI), a leading provider of metrology solutions used to measure manufacturing process control in the semiconductor industry, today reported first-quarter results as of March 31, 2020. During the quarter, the company presented a balanced revenue mix Among Logic / Foundry revenue and memory revenue, as well as its optical measurement solutions were selected by a leading international chip manufacturer for its global chip manufacturing sites. Initial revenue recognition began in the first quarter of 2020.
“The financial results illustrate our performance capabilities and flexible operating model, enabling us to quickly adapt to market uncertainty. From the beginning of the global expansion of 19-COVID, we continue to focus on the health, safety and well-being of our employees and business partners. Although the market is still unstable, we have taken the necessary measures to protect our production lines and supply chain to ensure business continuity throughout the year, ”said Eitan Oppenheim, President and CEO of Nova.
Nova revenue in the first quarter of 2020 was $ 61.0 million, down 6% from the fourth quarter of 2019, and up 8% compared to the first quarter of 2019.
Gross profit margin in the first quarter of 2020 was 56%, compared with a 54% gross profit margin in the fourth quarter of 2019, and a 56% gross profit margin in the first quarter of 2019. Operating expenses in the fourth quarter of 2019 totaled $ 21.5 million To $ 20.1 million in the fourth quarter of 2019, compared to $ 22.9 million in the first quarter of 2019.
Based on GAAP, the company reported net income of $ 111.7 million, or 41 cents per diluted share, in the first quarter of 2020. This compares to net profit of $ 12.4 million, or 43 cents per diluted share, in the fourth quarter of 2019 To a net profit of $ 7.8 million, or 27 cents per diluted share, in the first quarter of 2019.
On a non-GAAP basis, which does not include intangible asset amortization for acquisitions, share-based compensation expenses, office transition costs, revaluation of long-term liabilities, and the effect of taxation on non-GAAP adjustments, the Company reported net income of $ 13.5 million, or 47 cents per diluted share in the first quarter of 2020. This compares to a net profit of $ 14.6 million, or 51 cents per diluted share, in the fourth quarter of 2019, and a net profit of $ 10.4 million, or 37 cents per diluted share in the first quarter of 2019.
For the second quarter of 2020, ending June 30, 2020. Based on current estimates, management expects revenue in the range of $ 58-66 million, with GAAP diluted earnings per share of 29-43 cents, and non-diluted earnings per share on a non-basis basis. -GAP in the range of 37-51 cents.
Nova is a leading provider of innovative metrology (metrology) solutions used to control semiconductor manufacturing processes. Nova’s product portfolio, which combines high-precision hardware with cutting-edge software, provides the company’s customers with significant insights into the development and manufacturing of most advanced semiconductor devices. Nova provides continuous innovation through measurement solutions to control efficient manufacturing processes throughout the life cycle of semiconductor manufacturing plants. Nova’s unique ability to provide X-ray-based measurement and optical measurement solutions enables its customers to improve their performance, increase production throughput, and accelerate market reach. Nova operates as a partner for semiconductor manufacturers from its offices around the world.