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Factors to Note Ahead of Onto Innovation's (ONTO) Q1 Earnings
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ONTO Innovation (ONTO - Free Report) is set to report first-quarter 2024 results on May 9.
The Zacks Consensus Estimate for first-quarter earnings per share (EPS) has been steady at $1.10 over the past 30 days, suggesting an increase of 19.6% from the year-ago quarter’s reported figure. The company expects non-GAAP EPS in the range of $1.00-$1.20.
Meanwhile, the consensus mark for revenues is pegged at $222.5 million, indicating a rise of 11.7% from the year-earlier quarter’s reported figure. Management expects revenues in the range of $215-$230 million.
Let’s see how things are likely to have shaped up for the upcoming announcement.
ONTO’s top-line performance is expected to have benefited from its Dragonfly inspection system, which supports the packaging of memory and logic devices for AI applications. Management expects demand for the Dragonfly system to remain at elevated levels in first-quarter 2024 as well.
In January, the company unveiled the new Firefly G3 inspection and metrology system designed for automated process control for the high-volume production of panel-level substrates. The new Firefly system supports additional process control steps through the use of 3D metrology sensors. Various other clients are expected to take delivery of the new system in the first half of 2024.
The specialty and advanced packaging segment is likely to have benefited from increasing AI spend by customers. Also, strategic partnerships with leading semiconductor manufacturers and their rising investments in advanced packaging, including chiplet and 3D memory architectures bode well in the long run.
However, the company’s margin is likely to have been affected by higher costs owing to the annual reset of payroll taxes and other compensation components. Unfavorable global macroeconomic conditions, foreign exchange fluctuations, intensified competition and high customer concentration risks continue to weigh on the company’s performance.
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 #3. 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.
The Zacks Consensus Estimate for EMR’s to-be-reported quarter’s earnings and revenues is pegged at $1.26 per share and $4.29 billion, respectively. The stock has risen 29.7% in the past year.
NVIDIA (NVDA - Free Report) has an Earnings ESP of +2.50% and a Zacks Rank #2 at present. NVIDIA is scheduled to release first-quarter fiscal 2025 results on May 22.
The Zacks Consensus Estimate for ANET’s to-be-reported quarter’s earnings and revenues is pegged at $5.49 per share and $24.2 billion, respectively. The stock has risen 216.2% in the past year.
Docebo (DCBO - Free Report) has an Earnings ESP of +8.00% and a Zacks Rank #3 at present. Docebo is set to report first-quarter 2024 results on May 9.
The Zacks Consensus Estimate for DCBO’s to-be-reported quarter’s earnings and revenues is pegged at 17 cents per share and $51.2 million, respectively. The stock has risen 23.9% 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) Q1 Earnings
ONTO Innovation (ONTO - Free Report) is set to report first-quarter 2024 results on May 9.
The Zacks Consensus Estimate for first-quarter earnings per share (EPS) has been steady at $1.10 over the past 30 days, suggesting an increase of 19.6% from the year-ago quarter’s reported figure. The company expects non-GAAP EPS in the range of $1.00-$1.20.
Meanwhile, the consensus mark for revenues is pegged at $222.5 million, indicating a rise of 11.7% from the year-earlier quarter’s reported figure. Management expects revenues in the range of $215-$230 million.
Let’s see how things are likely to have shaped up for the upcoming announcement.
Onto Innovation Inc. Price and EPS Surprise
Onto Innovation Inc. price-eps-surprise | Onto Innovation Inc. Quote
Factors to Consider
ONTO’s top-line performance is expected to have benefited from its Dragonfly inspection system, which supports the packaging of memory and logic devices for AI applications. Management expects demand for the Dragonfly system to remain at elevated levels in first-quarter 2024 as well.
In January, the company unveiled the new Firefly G3 inspection and metrology system designed for automated process control for the high-volume production of panel-level substrates. The new Firefly system supports additional process control steps through the use of 3D metrology sensors. Various other clients are expected to take delivery of the new system in the first half of 2024.
The specialty and advanced packaging segment is likely to have benefited from increasing AI spend by customers. Also, strategic partnerships with leading semiconductor manufacturers and their rising investments in advanced packaging, including chiplet and 3D memory architectures bode well in the long run.
However, the company’s margin is likely to have been affected by higher costs owing to the annual reset of payroll taxes and other compensation components. Unfavorable global macroeconomic conditions, foreign exchange fluctuations, intensified competition and high customer concentration risks continue to weigh on the company’s performance.
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 #3. 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.
Emerson Electric Co. (EMR - Free Report) has an Earnings ESP of +1.99% and a Zacks Rank #2. EMR is scheduled to report second-quarter fiscal 2024 earnings on May 8. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for EMR’s to-be-reported quarter’s earnings and revenues is pegged at $1.26 per share and $4.29 billion, respectively. The stock has risen 29.7% in the past year.
NVIDIA (NVDA - Free Report) has an Earnings ESP of +2.50% and a Zacks Rank #2 at present. NVIDIA is scheduled to release first-quarter fiscal 2025 results on May 22.
The Zacks Consensus Estimate for ANET’s to-be-reported quarter’s earnings and revenues is pegged at $5.49 per share and $24.2 billion, respectively. The stock has risen 216.2% in the past year.
Docebo (DCBO - Free Report) has an Earnings ESP of +8.00% and a Zacks Rank #3 at present. Docebo is set to report first-quarter 2024 results on May 9.
The Zacks Consensus Estimate for DCBO’s to-be-reported quarter’s earnings and revenues is pegged at 17 cents per share and $51.2 million, respectively. The stock has risen 23.9% in the past year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.