Nova Ltd. Reports Record Q3 2024 Financial Results

TL;DR

Nova Ltd. crushed Q3 2024 earnings, filing record results today.

AI Summary

Nova Ltd. reported record third quarter 2024 financial results on November 7, 2024. The company, based in Rehovot, Israel, filed a Form 6-K to incorporate a press release detailing these results. Nova Ltd. previously operated under the name Nova Measuring Instruments Ltd. before changing its name on March 15, 2000.

Why It Matters

This filing indicates strong financial performance for Nova Ltd. in the third quarter of 2024, which could signal positive future growth and investor confidence.

Risk Assessment

Risk Level: low — The filing is a routine report of financial results and does not contain any new material risks or negative developments.

Key Players & Entities

• Nova Ltd. (company) — Registrant
• November 7, 2024 (date) — Filing date
• Rehovot, Israel (location) — Company headquarters
• Nova Measuring Instruments Ltd. (company) — Former company name
• March 15, 2000 (date) — Date of name change

FAQ

Key Financial Figures

• $179.0 m — ighlights: Record Quarterly revenue of $179.0 million, a 14% QoQ increase, exceeding th
• $51.3 m — up 39% YoY. Record GAAP net income of $51.3 million, or $1.60 per diluted share, exce
• $1.60 — rd GAAP net income of $51.3 million, or $1.60 per diluted share, exceeding the Compan
• $56.1 m — 51% YoY. Record non-GAAP net income of $56.1 million, or $1.74 per diluted share, exce
• $1.74 — on-GAAP net income of $56.1 million, or $1.74 per diluted share, exceeding the Compan
• $178,974 — ) Q3 2024 Q2 2024 Q3 2023 Revenues $178,974 $156,858 $128,808 Net Income $51,27
• $156,858 — Q2 2024 Q3 2023 Revenues $178,974 $156,858 $128,808 Net Income $51,279 $45,142
• $128,808 — Q3 2023 Revenues $178,974 $156,858 $128,808 Net Income $51,279 $45,142 $33,689
• $51,279 — 78,974 $156,858 $128,808 Net Income $51,279 $45,142 $33,689 Earnings per Diluted
• $45,142 — 156,858 $128,808 Net Income $51,279 $45,142 $33,689 Earnings per Diluted Share $
• $33,689 — $128,808 Net Income $51,279 $45,142 $33,689 Earnings per Diluted Share $1.60 $1.
• $1.41 — 689 Earnings per Diluted Share $1.60 $1.41 $1.06 Non-GAAP Results (K) Q3 2024
• $1.06 — rnings per Diluted Share $1.60 $1.41 $1.06 Non-GAAP Results (K) Q3 2024 Q2 2024
• $56,056 — Q3 2024 Q2 2024 Q3 2023 Net Income $56,056 $51,956 $39,405 Earnings per Diluted
• $51,956 — Q2 2024 Q3 2023 Net Income $56,056 $51,956 $39,405 Earnings per Diluted Share $

Filing Documents

• zk2432239.htm (6-K) — 379KB
• image0.jpg (GRAPHIC) — 23KB
• 0001178913-24-003518.txt ( ) — 412KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: November 7, 2024 NOVA LTD. (Registrant) By: /s/ Guy Kizner ————————————— Guy Kizner Chief Financial Officer Company Contact: Guy Kizner, Chief Financial Officer Tel: +972-73-229-5760 E-mail - investors@novami.com Nova website link - https://www.novami.com/ Investor Relations Contact: Miri Segal MS-IR LLC Tel: +917-607-8654 E-mail - msegal@ms-ir.com Nova Reports Record Third Quarter 2024 Financial Results REHOVOT, Israel - Nov 7, 2024 - Nova (Nasdaq: NVMI) today announced financial results for the third quarter, the three-month period ended September 30, 2024. Third Quarter 2024 Highlights: Record Quarterly revenue of $179.0 million, a 14% QoQ increase, exceeding the Company guidance and up 39% YoY. Record GAAP net income of $51.3 million, or $1.60 per diluted share, exceeding the Company guidance, a 13% QoQ increase and up 51% YoY. Record non-GAAP net income of $56.1 million, or $1.74 per diluted share, exceeding the Company guidance, an 8% increase QoQ, and up 41% YoY. Record revenue for materials metrology driven by demand for leading edge capacity. Record revenues from advanced packaging, driven by demand for dimensional and chemical metrology solutions. GAAP Results (K) Q3 2024 Q2 2024 Q3 2023 Revenues $178,974 $156,858 $128,808 Net Income $51,279 $45,142 $33,689 Earnings per Diluted Share $1.60 $1.41 $1.06 Non-GAAP Results (K) Q3 2024 Q2 2024 Q3 2023 Net Income $56,056 $51,956 $39,405 Earnings per Diluted Share $1.74 $1.61 $1.23 A reconciliation between GAAP operating results and non-GAAP operating results is provided following the

financial statements included in this release. See also "Use of Non-GAAP Adjusted Financial Measures" section

financial statements included in this release. See also "Use of Non-GAAP Adjusted Financial Measures" section. Management Comments "Nova delivered another record quarter, exceeding the high end of the guidance in revenue and profit, with robust performance across all our product lines," said Gaby Waisman, President and CEO. "Our solid results were driven by record sales for our materials metrology portfolio and the strong performance of our Optical CD solutions, fueled by an increasing demand for advanced nodes. With our fourth-quarter guidance established, Nova is set to outperform the WFE Index with an annual growth of approximately 28% at the mid-point." 2024 Fourth Quarter Financial Outlook Management provided an outlook for the fourth quarter, the period ending December 31, 2024. Based on current estimates, management expects: $181 million to $191 million in revenue $1.51 to $1.70 in diluted GAAP EPS $1.72 to $1.91 in diluted non-GAAP EPS 2024 Third Quarter Results Total revenues for the third quarter of 2024 were $179.0 million, an increase of 14% compared with the second quarter of 2024 and an increase of 39% compared with the third quarter of 2023. Gross margin in the third quarter of 2024 was 57%, compared with 59% in the second quarter of 2024 and 56% in the third quarter of 2023. Operating expenses in the third quarter of 2024 were $52.1 million, compared with $46.9 million in the second quarter of 2024 and $38.1 million in the third quarter of 2023. On a GAAP basis, the Company reported net income of $51.3 million, or $1.60 per diluted share, in the third quarter of 2024. This is compared with net income of $45.1 million, or $1.41 per diluted share, in the second quarter of 2024, and $33.7 million, or $1.06 per diluted share, in the third quarter of 2023. On a non-GAAP basis, the Company reported net income of $56.1 million, or $ 1.74 per diluted share, in the third quarter of 2024. This is compared with net income of $52.0 million, or $1.61

Forward-Looking Statements

Forward-Looking Statements This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: increased information technology security threats and sophisticated computer crime; foreign political and economic risks including supply-chain difficulties; regulations that could restrict our operations such as economic sanctions and export restrictions; changes in U.S. trade policies; indirect effects of the Russia – Ukraine conflict; market instability including inflation and recessionary pressures; risks related to doing business with China; catastrophic events; inability to protect our intellectual property; open source technology exposure, including risks related to artificial intelligence; failure to compete effectively or to respond to rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle an

View Full Filing

View this 6-K filing on SEC EDGAR