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Factors to Note Ahead of Onto Innovation's (ONTO) Q2 Earnings
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ONTO Innovation (ONTO - Free Report) is set to report second-quarter 2023 results on Aug 10.
The Zacks Consensus Estimate for second-quarter earnings has been steady at 83 cents per share over the past 30 days, suggesting a decline of 35.2% from the year-ago quarter’s reported figure. The company expects non-GAAP earnings per share in the range of 75-90 cents.
Meanwhile, the consensus mark for revenues is pegged at $203 million, indicating a plunge of 20.8% from the year-earlier quarter’s reported figure. Management expects revenues of $203 million (+/- 4%).
Notably, Onto Innovation’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 6.6%.
In the last reported quarter, ONTO delivered 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 was attributed to weaker demand in the memory market.
Let’s see how things are likely to have shaped up for the upcoming announcement.
Factors to Consider
ONTO’s top-line performance is expected to have been affected by continued weakness in the memory market and muted advanced logic spending in the second quarter. Revenues from the advanced nodes market were down 35% in the last reported quarter. Macroeconomic turbulence, stiff competition and rising inflationary pressure continue to remain major headwinds
Nevertheless, the company witnessed relatively healthy demand from specialty customers and power, packaging and EUV wafer manufacturing which is expected to have given some support. Improving demand in the specialty and advanced packaging markets is likely to act as a tailwind.
Also, increased customer adoption of ONTO’s Iris films metrology, Atlas OCD platform, Dragonfly G3 process control system is likely to have favored the top-line performance. Higher uptake of its solutions by companies engaged primarily in the fast-growing silicon carbide (SiC) and gallium nitride (GaN) power device markets bodes well.
Extensive cost-cutting measures across the board augur well. Management expects operating expenses to be between $58 million and $60 million in the quarter under discussion.
Recent Development
On Jul 12, ONTO unveiled two new process control solutions — Atlas S and Element S — primarily for the fast-growing SiC and GaN power device markets.
Atlas S solution is an optical critical-dimension metrology system while Element S is a high-speed impurity mapping, dielectric film composition and epi thickness measurement solution.
These solutions are complementary to the company’s Dragonfly inspection, IVS overlay and Echo metrology product lines. These new products, when used in tandem with existing product lines, will be able to provide customers with a portfolio of complete process control tools and software to address myriad of challenges in the specialty markets, added ONTO.
What Our Model Says
Our proven model does not conclusively predict an earnings beat for Onto Innovation this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.
ONTO has an Earnings ESP of 0.00% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are a few companies you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in their upcoming releases.
CACI International (CACI - Free Report) has an Earnings ESP of +2.36% and currently carries a Zacks Rank #2. CACI is scheduled to report fourth-quarter fiscal 2023 earnings on Aug 9. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CACI’s to-be-reported quarter’s earnings and revenues is pegged at $4.85 per share and $1.72 billion, respectively. Shares of CACI have gained 26.4% in the past year.
Jack in the Box Inc (JACK - Free Report) has an Earnings ESP of +0.60% and presently has a Zacks Rank #2. JACK is set to report third-quarter fiscal 2023 earnings on Aug 9.
The Zacks Consensus Estimate for JACK’s to-be-reported quarter’s earnings and revenues is pegged at $1.33 per share and $393.5 million, respectively. Shares of JACK have increased 24.8% in the past year.
The TJX Companies, Inc (TJX - Free Report) has an Earnings ESP of +0.40% and presently carries a Zacks Rank #2. TJX is slated to release second-quarter fiscal 2024 numbers on Aug 16.
The Zacks Consensus Estimate for TJX’s to-be-reported quarter’s earnings and revenues is pegged at 76 cents per share and $12.4 billion, respectively. Shares of TJX have soared 35.5% in the past year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Factors to Note Ahead of Onto Innovation's (ONTO) Q2 Earnings
ONTO Innovation (ONTO - Free Report) is set to report second-quarter 2023 results on Aug 10.
The Zacks Consensus Estimate for second-quarter earnings has been steady at 83 cents per share over the past 30 days, suggesting a decline of 35.2% from the year-ago quarter’s reported figure. The company expects non-GAAP earnings per share in the range of 75-90 cents.
Meanwhile, the consensus mark for revenues is pegged at $203 million, indicating a plunge of 20.8% from the year-earlier quarter’s reported figure. Management expects revenues of $203 million (+/- 4%).
Notably, Onto Innovation’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 6.6%.
In the last reported quarter, ONTO delivered 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 was attributed to weaker demand in the memory market.
Onto Innovation Inc. Price and EPS Surprise
Onto Innovation Inc. price-eps-surprise | Onto Innovation Inc. Quote
Let’s see how things are likely to have shaped up for the upcoming announcement.
Factors to Consider
ONTO’s top-line performance is expected to have been affected by continued weakness in the memory market and muted advanced logic spending in the second quarter. Revenues from the advanced nodes market were down 35% in the last reported quarter. Macroeconomic turbulence, stiff competition and rising inflationary pressure continue to remain major headwinds
Nevertheless, the company witnessed relatively healthy demand from specialty customers and power, packaging and EUV wafer manufacturing which is expected to have given some support. Improving demand in the specialty and advanced packaging markets is likely to act as a tailwind.
Also, increased customer adoption of ONTO’s Iris films metrology, Atlas OCD platform, Dragonfly G3 process control system is likely to have favored the top-line performance. Higher uptake of its solutions by companies engaged primarily in the fast-growing silicon carbide (SiC) and gallium nitride (GaN) power device markets bodes well.
Extensive cost-cutting measures across the board augur well. Management expects operating expenses to be between $58 million and $60 million in the quarter under discussion.
Recent Development
On Jul 12, ONTO unveiled two new process control solutions — Atlas S and Element S — primarily for the fast-growing SiC and GaN power device markets.
Atlas S solution is an optical critical-dimension metrology system while Element S is a high-speed impurity mapping, dielectric film composition and epi thickness measurement solution.
These solutions are complementary to the company’s Dragonfly inspection, IVS overlay and Echo metrology product lines. These new products, when used in tandem with existing product lines, will be able to provide customers with a portfolio of complete process control tools and software to address myriad of challenges in the specialty markets, added ONTO.
What Our Model Says
Our proven model does not conclusively predict an earnings beat for Onto Innovation this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.
ONTO has an Earnings ESP of 0.00% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are a few companies you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in their upcoming releases.
CACI International (CACI - Free Report) has an Earnings ESP of +2.36% and currently carries a Zacks Rank #2. CACI is scheduled to report fourth-quarter fiscal 2023 earnings on Aug 9. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CACI’s to-be-reported quarter’s earnings and revenues is pegged at $4.85 per share and $1.72 billion, respectively. Shares of CACI have gained 26.4% in the past year.
Jack in the Box Inc (JACK - Free Report) has an Earnings ESP of +0.60% and presently has a Zacks Rank #2. JACK is set to report third-quarter fiscal 2023 earnings on Aug 9.
The Zacks Consensus Estimate for JACK’s to-be-reported quarter’s earnings and revenues is pegged at $1.33 per share and $393.5 million, respectively. Shares of JACK have increased 24.8% in the past year.
The TJX Companies, Inc (TJX - Free Report) has an Earnings ESP of +0.40% and presently carries a Zacks Rank #2. TJX is slated to release second-quarter fiscal 2024 numbers on Aug 16.
The Zacks Consensus Estimate for TJX’s to-be-reported quarter’s earnings and revenues is pegged at 76 cents per share and $12.4 billion, respectively. Shares of TJX have soared 35.5% in the past year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.