-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueInner Layer Precision & Yields
In this issue, we examine the critical nature of building precisions into your inner layers and assessing their pass/fail status as early as possible. Whether it’s using automation to cut down on handling issues, identifying defects earlier, or replacing an old line...
Engineering Economics
The real cost to manufacture a PCB encompasses everything that goes into making the product: the materials and other value-added supplies, machine and personnel costs, and most importantly, your quality. A hard look at real costs seems wholly appropriate.
Alternate Metallization Processes
Traditional electroless copper and electroless copper immersion gold have been primary PCB plating methods for decades. But alternative plating metals and processes have been introduced over the past few years as miniaturization and advanced packaging continue to develop.
- Articles
- Columns
Search Console
- Links
- Media kit
||| MENU - pcb007 Magazine
Camtek Announces Results for Q2 2023
August 1, 2023 | CamtekEstimated reading time: 2 minutes
Camtek Ltd., announced its financial results for the second quarter ended June 30, 2023.
Highlights of the Second Quarter of 2023
- Quarterly revenues of $73.8 million; ahead of expectations;
- GAAP operating income of $14.9 million; non-GAAP operating income of $18.3 million, representing an operating margin of 20.2% and 24.8% respectively;
- GAAP net income of $18.5 million and non-GAAP net income of $21.9 million;
- Positive operating cash flow of $15.6 million.
Forward-Looking Expectations
Management expects third quarter revenues to be $77-79 million with continued growth in the fourth quarter and into 2024.
Management Comment
Rafi Amit, Camtek’s CEO commented, “We are pleased to see the improvement in our results from the first quarter, in terms of both revenues and margins. We are particularly encouraged by the momentum in the industry and the flow of orders. In addition to our recently reported 42 system orders received, a tier one HBM (High Bandwidth Memory) manufacturer has placed an order for 10 systems, and more orders for HBM applications are in the pipeline. We expect that chiplet modules and HBM will account for over 30% of our business in 2024.
Continued Mr Amit, “This will translate into initial growth in the second half of 2023 and to a full extent in 2024, that we believe will be a record year for Camtek. The momentum is fueled by the major industry investment in AI. Camtek’s role as a key equipment supplier to the manufacturers of chiplet modules and HBM will benefit from this trend. With new technologies in the industry and the business momentum, we believe that 2024 will be an important step in reaching our next milestone of becoming a 500-million-dollar company.”
Second Quarter 2023 Financial Results
Revenues for the second quarter of 2023 were $73.8 million, a decrease of 7% compared to the second quarter of 2022.
Gross profit on a GAAP basis in the quarter totaled $35.0 million (47.4% of revenues), compared to a gross profit of $40.2 million (50.5% of revenues) in the second quarter of 2022. Gross profit on a non-GAAP basis in the quarter totaled $35.4 million (48.0% of revenues), compared to $40.5 million (50.9% of revenues) in the second quarter of 2022.
Operating profit on a GAAP basis in the quarter totaled $14.9 million (20.2% of revenues), compared to an operating profit of $20.9 million (26.2% of revenues) in the second quarter of 2022. Operating profit on a non-GAAP basis in the quarter totaled $18.3 million (24.8% of revenues), compared to $23.8 million (29.9% of revenues) in the second quarter of 2022.
Net income on a GAAP basis in the quarter totaled $18.5 million, or $0.38 per diluted share, compared to net income of $19.2 million, or $0.40 per diluted share, in the second quarter of 2022. Net income on a non-GAAP basis in the quarter totaled $21.9 million, or $0.45 per diluted share, compared to non-GAAP net income of $22.1 million, or $0.46 per diluted share, in the second quarter of 2022.
Cash and cash equivalents, short-term and long-term deposits, as of June 30, 2023 were $506.3 million compared to $492.7 million as of March 31, 2023. During the quarter, Camtek generated $15.6 million in operating cash flow.
Suggested Items
IDC: China Becomes the Largest Wrist-Worn Device Market, Leading Global Growth
12/26/2024 | IDCAccording to the latest Worldwide Wearables Quarterly Tracker released by International Data Corporation (IDC), the global wrist-worn device market shipped 139.0 million units in the first three quarters of 2024, a year-over-year decline of 1.0%, mainly due to the homogenization of competition and market saturation in India and the United States.
Vertical Aerospace Finalises Investment Agreement
12/25/2024 | BUSINESS WIREVertical Aerospace Ltd., a global aerospace and technology company that is pioneering electric aviation, has entered into definitive documents and received shareholder approval for a transaction that includes up to $50 million in new committed funding.
The 500 Largest Cellular IoT Deployments Together Account for 632 Million Units
12/23/2024 | Berg InsightBerg Insight presents its yearly updated database covering the 500 largest cellular IoT deployments identified as part of the company’s world-class IoT market research activities since 2004.
Cicor Publishes Nine-month Results Report due to OEP Mandatory Offer
12/20/2024 | CicorCicor Group is publishing a nine-month report today. OEP has published a mandatory offer after it converted its Mandatory Convertible Bonds (MCNs) and thereby crossed the mandatory offer threshold.
Curtiss-Wright Announces New $100 Million Expansion of 2024 Share Repurchase Program, Raises Minimum Annual Repurchase Plan to $60 Million for 2025
12/17/2024 | Curtiss-Wright CorporationCurtiss-Wright Corporation announced a $100 million expansion of its 2024 share repurchase program, which it expects to complete via a 10b5-1 program by the end of the year.