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Onto (ONTO) Q1 Earnings Top Estimates, Revenues Fall Y/Y
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Onto Innovation Inc (ONTO - Free Report) reported first-quarter 2023 earnings of 92 cents per share that beat the Zacks Consensus Estimate by 4.6%. However, the bottom line decreased 29.8% year over year.
Revenues of $199.2 million missed the Zacks Consensus Estimate by 0.4%. The top line declined 17.5% year over year. The downtick can be attributed to weaker demand in the memory market.
Revenues from the advanced nodes market were down 35% year over year. Specialty devices and advanced packaging revenues fell 6% year over year. Software and services revenues fall 4% year over year.
Sales from specialty devices and advanced packaging contributed 47% to revenues. Advanced node markets, and software and services accounted for 33% and 20%, respectively, to the top line.
Onto Innovation Inc. Price, Consensus and EPS Surprise
Total operating expenses increased to $75.9 million, rising 5.1% from $72.3 million in the prior-year quarter.
Non-GAAP gross profit fell to $107.3 million from $131.1 million from the prior year quarter. Non-GAAP gross profit margin remained unchanged at 54%. Non-GAAP operating income was $48.9 million compared with $74.3 million in the year-ago quarter. Non-GAAP operating margin was 25%, down from 31% reported in the prior-year quarter.
Balance Sheet
As of Apr 1, the company had $583.5 million in cash and cash equivalents with $148.4 million of total current liabilities compared with $547.8 million and $161 million, respectively, as of Dec 31, 2022. Accounts receivable was $209.6 million.
Q2 Guidance
Management expects revenues of $203 million (+/- 4%). The Zacks Consensus Estimate is pegged at $200 million.
Non-GAAP earnings per share are projected to be 75-90 cents. The Zacks Consensus Estimate is pegged at 89 cents.
Zacks Rank & Stocks to Consider
Onto Innovation currently has a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for Badger Meter’s 2023 earnings has increased 4.7% in the past 60 days to $2.69 per share. BMI’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 5.3%. Shares of BMI have surged 72.6% in the past year.
The Zacks Consensus Estimate for Microsoft’s fiscal 2023 earnings increased 2.9% in the past 60 days to $9.61 per share. The long-term earnings growth rate is expected to be 11.7%.
Microsoft’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average surprise being 3.3%. Shares of MSFT have gained 11.2% in the past year.
The Zacks Consensus Estimate for Blackbaud’s 2023 earnings is pegged at $3.53 per share, up 2.9% in the past 60 days. The long-term earnings growth rate is anticipated to be 10.4%.
Blackbaud’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 10.4%. Shares of BLKB have increased 31.3% in the past year.
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Onto (ONTO) Q1 Earnings Top Estimates, Revenues Fall Y/Y
Onto Innovation Inc (ONTO - Free Report) reported first-quarter 2023 earnings of 92 cents per share that beat the Zacks Consensus Estimate by 4.6%. However, the bottom line decreased 29.8% year over year.
Revenues of $199.2 million missed the Zacks Consensus Estimate by 0.4%. The top line declined 17.5% year over year. The downtick can be attributed to weaker demand in the memory market.
Revenues from the advanced nodes market were down 35% year over year. Specialty devices and advanced packaging revenues fell 6% year over year. Software and services revenues fall 4% year over year.
Sales from specialty devices and advanced packaging contributed 47% to revenues. Advanced node markets, and software and services accounted for 33% and 20%, respectively, to the top line.
Onto Innovation Inc. Price, Consensus and EPS Surprise
Onto Innovation Inc. price-consensus-eps-surprise-chart | Onto Innovation Inc. Quote
Margin Details
Total operating expenses increased to $75.9 million, rising 5.1% from $72.3 million in the prior-year quarter.
Non-GAAP gross profit fell to $107.3 million from $131.1 million from the prior year quarter. Non-GAAP gross profit margin remained unchanged at 54%. Non-GAAP operating income was $48.9 million compared with $74.3 million in the year-ago quarter. Non-GAAP operating margin was 25%, down from 31% reported in the prior-year quarter.
Balance Sheet
As of Apr 1, the company had $583.5 million in cash and cash equivalents with $148.4 million of total current liabilities compared with $547.8 million and $161 million, respectively, as of Dec 31, 2022. Accounts receivable was $209.6 million.
Q2 Guidance
Management expects revenues of $203 million (+/- 4%). The Zacks Consensus Estimate is pegged at $200 million.
Non-GAAP earnings per share are projected to be 75-90 cents. The Zacks Consensus Estimate is pegged at 89 cents.
Zacks Rank & Stocks to Consider
Onto Innovation currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology space are Badger Meter (BMI - Free Report) , Microsoft (MSFT - Free Report) and Blackbaud (BLKB - Free Report) . BMI currently sports a Zacks Rank #1 (Strong Buy) whereas Microsoft and Blackbaud carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Badger Meter’s 2023 earnings has increased 4.7% in the past 60 days to $2.69 per share. BMI’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 5.3%. Shares of BMI have surged 72.6% in the past year.
The Zacks Consensus Estimate for Microsoft’s fiscal 2023 earnings increased 2.9% in the past 60 days to $9.61 per share. The long-term earnings growth rate is expected to be 11.7%.
Microsoft’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average surprise being 3.3%. Shares of MSFT have gained 11.2% in the past year.
The Zacks Consensus Estimate for Blackbaud’s 2023 earnings is pegged at $3.53 per share, up 2.9% in the past 60 days. The long-term earnings growth rate is anticipated to be 10.4%.
Blackbaud’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 10.4%. Shares of BLKB have increased 31.3% in the past year.