Camtek Ltd (NASDAQ:CAMT) reported a Q3 FY23 revenue decline of 2% Y/Y to $80.5 million, beating the consensus of $78.2 million.
Adjusted EPS of $0.52 beats the consensus of $0.48.
Adjusted gross margin stood at 49.0% (flat Y/Y), as the adjusted gross profit declined to $39.4 million from $40.2 million a year ago.
Adjusted operating profit came in at $22.2 million (27.6% of revenue), vs. $23.2 million (28.3% of revenue) a year ago.
As of September 30, 2023, cash and cash equivalents, short-term and long-term deposits, and marketable securities stood at $517.1 million.
Rafi Amit, CEO said, “Since the beginning of the third quarter we have received orders for 240 systems including an order announced yesterday for 28 systems from a tier-one customer for the inspection and metrology of High Bandwidth Memory and Heterogeneous Integration applications. Most of the orders are for installation during 2024.”
“This healthy backlog, with additional expected orders in the pipeline, points to a year of growth for Camtek and we expect record revenue in 2024.”
Outlook: Management expects Q4 revenues to be $87 million-$89 million vs. the consensus of $82.74 million, with projected continued organic growth and contribution from the FRT business.
Related: Camtek’s Bold Move: How Acquiring FRT Metrology Business Will Add $30M To 2024 Revenues And Solidify Market Position
Price Action: CAMT shares are trading lower by 1.15% at $64.45 on the last check Tuesday.
