Record quarterly revenue exceeds guidance resulting in 21% year over year growth
Second quarter guidance exceeds consensus street estimates
WILMINGTON, Mass. — (BUSINESS WIRE) — April 29, 2021 — Onto Innovation Inc. (NYSE: ONTO) today announced financial results for the first quarter of 2021.
2021 First Quarter Highlights
- Quarterly revenue of $169.3 million represents 21% year over year growth compared to the first quarter of 2020 and 9% sequential quarterly growth.
- Advanced nodes revenue increased 24% over the fourth quarter, primarily from systems supporting 5nm and 3nm logic and advanced DRAM ramps.
- Advanced packaging demand from 5G and high-performance computing drove inspection revenue growth of 20% over the fourth quarter of 2020.
- New metrology products providing advanced node solutions for logic, DRAM, and NAND fabs are now installed at five of the top six semiconductor IDMs and foundries.
- New product from former Inspectrology launched into silicon carbide market, with two orders received, combining overlay metrology with Discover® Run-to-Run software to significantly reduce process variation.
- Cash flow from operations totaled $51 million or 30% of revenue; cash and marketable securities of $392.9 million at end of quarter.
Onto Innovation Inc. |
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Key Financial Data for the Quarters Ended March 27, 2021, |
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December 26, 2020, and March 28, 2020 |
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(in thousands, except per share amounts) |
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US GAAP |
|
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|
|
March 2021 |
|
|
December 2020 |
|
|
March 2020 |
|
|||
Revenue |
|
$ |
169,279 |
|
|
$ |
155,128 |
|
|
$ |
139,928 |
|
Gross profit margin |
|
|
53 |
% |
|
|
49 |
% |
|
|
45 |
% |
Operating income (loss) |
|
$ |
27,485 |
|
|
$ |
14,711 |
|
|
$ |
(5,246 |
) |
Net income (loss) |
|
$ |
24,113 |
|
|
$ |
19,914 |
|
|
$ |
(4,404 |
) |
Net income (loss) per diluted share |
|
$ |
0.49 |
|
|
$ |
0.40 |
|
|
$ |
(0.09 |
) |
| US NON-GAAP |
|
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|
|
|
March 2021 |
|
|
December 2020 |
|
|
March 2020 |
|
|||
| Revenue |
|
$ |
169,279 |
|
|
$ |
155,128 |
|
|
$ |
139,928 |
|
| Gross profit margin |
|
|
54 |
% |
|
|
54 |
% |
|
|
52 |
% |
| Operating income |
|
$ |
41,874 |
|
|
$ |
37,633 |
|
|
$ |
22,932 |
|
| Net income |
|
$ |
36,339 |
|
|
$ |
35,555 |
|
|
$ |
19,740 |
|
| Net income per diluted share |
|
$ |
0.73 |
|
|
$ |
0.72 |
|
|
$ |
0.39 |
|
