Thu, Oct 31, 9:29 PM (62 days ago)
In the third quarter of fiscal year 2024, Onto Innovation Inc. (NYSE: ONTO) reported significant financial growth, with revenue increasing 21.7% year-over-year to $252.2 million, driven by strong sales to NAND and DRAM customers. Gross profit rose to $136.4 million, yielding a gross margin of 54.1%. However, operating expenses also increased to $83.3 million, primarily due to heightened research and development costs and restructuring expenses. The net income for the quarter was $53.1 million, reflecting a robust year-over-year increase. Cash flow from operating activities reached $189.7 million, contributing to a total cash, cash equivalents, and marketable securities balance of $855.4 million. The company's liquidity remains strong, supported by a $200 million share repurchase authorization, though no shares were repurchased in the quarter. Despite positive trends, uncertainties remain, particularly related to export regulations impacting sales in China and potential geopolitical tensions affecting supply chains. Overall, Onto Innovation's financial health suggests a solid operational foundation, with a focus on innovation and market responsiveness in the semiconductor industry.