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Camtek Ltd CAMT reported a first-quarter FY23 revenue decline of 6% year-on-year to $72.46 million, slightly missing the consensus of $72.50 million.
- The non-GAAP gross margin contracted 470 bps to 47.3% as the profit declined by 15%.
- The non-GAAP operating margin declined by 480 bps to 24% as the profit fell by 22%.
- Non-GAAP EPS of $0.42 beat the consensus of $0.41.
- The company held $492.7 million in cash and equivalents and generated $17.1 million in operating cash flow.
- Rafi Amit, Camtek's CEO, commented, "We continue to see solid business, particularly in our main segment, Advanced Packaging, which accounted for 60% of our revenues. In the first quarter, we shipped multiple systems to six tier-1 customers in the Advanced Packaging and Heterogeneous Integration space, contributing more than 40% of quarterly revenues. Among others, we received a strategically important order for nine machines from a tier-1 customer for Advanced Packaging applications to be delivered in the second and third quarters of this year."
- Outlook: Camtek expects a similar level of revenues in Q2 as achieved in Q1, versus a consensus of $70.49 million.
- Price Action: CAMT shares closed higher by 0.47% at $27.77 on Tuesday.
Photo: Shutterstock
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