Eitan Oppenheim, president and CEO of the company: “With revenues over 500 million dollars in the last four quarters, we are ahead of the target we set and are realizing the “Nova 500″ already this year”
Nova (TA: Nova; NASDAQ: (NVMI) reported financial results for the second quarter of 2022 and for the period ending on 06.30.2022.
Revenues in the second quarter of 2022 amounted to $141.6 million, a 6% increase compared to the first quarter of 2022, and a 45% increase compared to the second quarter of 2021.
The gross profit rate in the second quarter of 2022 was 57%; Same as the figure presented in the first quarter of 2022 and the second quarter of 2021.
Operating expenses in the second quarter of 2022 amounted to $43.4 million, compared to $39 million in the first quarter of 2022, and compared to $28.7 million in the second quarter of 2021.
On a GAAP basis, the company reported a net profit of $34.9 million, or $1.09 per fully diluted share in the second quarter of 2022. This compares to a net profit of $34.2 million, or $1.07 per fully diluted share, in the first quarter of 2022, and compared to the profit Net of $22.9 million, or 77 cents per fully diluted share, in the second quarter of 2021.
On a Non-GAAP basis, the company reported a net profit of $39.5 million, or $1.24 per fully diluted share, in the second quarter of 2022. This compares to a net profit of $41.5 million, or $1.3 per fully diluted share in the first quarter of 2022 , and compared to a net profit of $26.9 million, or 90 cents per fully diluted share in the second quarter of 2021.
“Nova reported strong results for the second quarter of the year. The results demonstrate the company’s strength in all product lines that include dimension measurement, material measurement and chemical analysis. Our business performance produced another quarterly record in revenues that reached the upper end of the company’s forecast.” said Eitan Oppenheim, president and CEO of Nova. “With revenues of over 500 million dollars in the last four quarters, Nova is realizing “Nova 500″, our strategic plan that strengthened the company’s foundations to support our organic and inorganic growth in the long term. Our solid order backlog and the growing demand for Nova’s products in the various chip generations are a driving force for our plan to continue profitable growth this year as well.”