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Onto Innovation (ONTO) Q1 Earnings & Revenues Top Estimates
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Onto Innovation Inc. (ONTO - Free Report) reported first-quarter 2022 earnings of $1.31 per share, rising 79% year over year and beating the Zacks Consensus Estimate by 12.93%.
Revenues of $241 million beat the Zacks Consensus Estimate by 4.7%. The top line grew 43% year over year. The performance was driven by higher demand from several end markets, particularly advanced nodes specialty devices and advanced packaging.
Revenues from the advanced nodes market were up 42% year over year, while revenues from specialty devices and advanced packaging increased 58% year over year. Software and services revenue was up 17% year over year. Sales from specialty devices and advanced packaging contributed 41.5% to revenues. Advanced node markets contributed 41.5% and software and services accounted for 17%.
Onto Innovation Inc. Price, Consensus and EPS Surprise
Following the announcement, the company’s shares gained 1.4% in the aftermarket trading on May 3. In the past year, shares of Onto Innovation have improved 13.5% against the industry’s decline of 10.8%.
Margin Details
Total operating expenses increased to $72.3 million, rising 15% from $62.9 million in the prior-year quarter.
Non-GAAP gross profit rose to $131 million from $91 million, with respective margins of 54% and 54%. Non-GAAP operating income was $74.2 million compared with $41.8 million in the year-ago quarter. Non-GAAP operating margin was 31%, up from 25% reported in the prior-year quarter.
Balance Sheet
As of Apr 2, 2022, the company had $542 million in cash and cash equivalents, with $184.7 million of current liabilities. Accounts receivable stood at $206.7 million.
Q2 Guidance
The company expects revenues of $234-$248 million. Non-GAAP earnings per share are estimated to be $1.16-$1.35.
Zacks Rank & Stocks to Consider
Onto Innovation currently has a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for Broadcom’s fiscal 2022 earnings is pegged at $35.67 per share, rising 1.1% in the past 60 days. The long-term earnings growth rate is anticipated to be 15.6%.
Broadcom’s earnings beat the Zacks Consensus Estimate in all of the last four quarters, the average being 1.89%. Shares of Broadcom have grown 30.7% in the past year.
The Zacks Consensus Estimate for Silicon’s 2022 earnings is pegged at $7.73 per share, rising 3.8% in the past 60 days. The long-term earnings growth rate is anticipated to be 9%.
Silicon’s earnings beat the Zacks Consensus Estimate in all of the last four quarters, the average being 10.37%. Shares of Silicon have grown 22.5% in the past year.
The Zacks Consensus Estimate for Nova’s fiscal 2022 earnings is pegged at $4.19 per share, unchanged in the past 60 days. The long-term earnings growth rate is anticipated to be 32.2%.
Nova’s earnings beat the Zacks Consensus Estimate in all of the last four quarters, the average being 17.1%. Shares of Nova have grown 11.4 % in the past year.
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Onto Innovation (ONTO) Q1 Earnings & Revenues Top Estimates
Onto Innovation Inc. (ONTO - Free Report) reported first-quarter 2022 earnings of $1.31 per share, rising 79% year over year and beating the Zacks Consensus Estimate by 12.93%.
Revenues of $241 million beat the Zacks Consensus Estimate by 4.7%. The top line grew 43% year over year. The performance was driven by higher demand from several end markets, particularly advanced nodes specialty devices and advanced packaging.
Revenues from the advanced nodes market were up 42% year over year, while revenues from specialty devices and advanced packaging increased 58% year over year. Software and services revenue was up 17% year over year. Sales from specialty devices and advanced packaging contributed 41.5% to revenues. Advanced node markets contributed 41.5% and software and services accounted for 17%.
Onto Innovation Inc. Price, Consensus and EPS Surprise
Onto Innovation Inc. price-consensus-eps-surprise-chart | Onto Innovation Inc. Quote
Following the announcement, the company’s shares gained 1.4% in the aftermarket trading on May 3. In the past year, shares of Onto Innovation have improved 13.5% against the industry’s decline of 10.8%.
Margin Details
Total operating expenses increased to $72.3 million, rising 15% from $62.9 million in the prior-year quarter.
Non-GAAP gross profit rose to $131 million from $91 million, with respective margins of 54% and 54%. Non-GAAP operating income was $74.2 million compared with $41.8 million in the year-ago quarter. Non-GAAP operating margin was 31%, up from 25% reported in the prior-year quarter.
Balance Sheet
As of Apr 2, 2022, the company had $542 million in cash and cash equivalents, with $184.7 million of current liabilities. Accounts receivable stood at $206.7 million.
Q2 Guidance
The company expects revenues of $234-$248 million. Non-GAAP earnings per share are estimated to be $1.16-$1.35.
Zacks Rank & Stocks to Consider
Onto Innovation currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader technology sector are Broadcom (AVGO - Free Report) , Silicon Motion Technology (SIMO - Free Report) and Nova Measuring Instruments (NVMI - Free Report) . Broadcom, Silicon and Nova carry a Zacks Racks #2 (Buy) at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
The Zacks Consensus Estimate for Broadcom’s fiscal 2022 earnings is pegged at $35.67 per share, rising 1.1% in the past 60 days. The long-term earnings growth rate is anticipated to be 15.6%.
Broadcom’s earnings beat the Zacks Consensus Estimate in all of the last four quarters, the average being 1.89%. Shares of Broadcom have grown 30.7% in the past year.
The Zacks Consensus Estimate for Silicon’s 2022 earnings is pegged at $7.73 per share, rising 3.8% in the past 60 days. The long-term earnings growth rate is anticipated to be 9%.
Silicon’s earnings beat the Zacks Consensus Estimate in all of the last four quarters, the average being 10.37%. Shares of Silicon have grown 22.5% in the past year.
The Zacks Consensus Estimate for Nova’s fiscal 2022 earnings is pegged at $4.19 per share, unchanged in the past 60 days. The long-term earnings growth rate is anticipated to be 32.2%.
Nova’s earnings beat the Zacks Consensus Estimate in all of the last four quarters, the average being 17.1%. Shares of Nova have grown 11.4 % in the past year.