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Camtek Clocks 18% Revenue Growth In Q2; Sees Continued Growth In 2H Driven By Robust Backlog

Benzinga · 07/27/2022 13:55
  • Camtek Ltd (NASDAQ:CAMTreported second-quarter FY22 revenue growth of 18% year-on-year to $79.6 million, slightly missing the consensus of $80 million.
  • The non-GAAP gross margin contracted 120 bps to 50.9%.
  • The non-GAAP operating margin expanded by 250 bps to 29.9%.
  • Non-GAAP EPS of $0.46 beat the consensus of $0.45.
  • The company held $391 million in cash and equivalents and generated $13 million in operating cash flow.
  • CEO Rafi Amit commented, "We ended the second quarter with record results and 18% growth year-over-year. We are aware of concerns about the possibility of a slowdown in the semiconductor industry, and we are monitoring the situation. At this point, we do not see any signs of declining demand for our systems. With our strong backlog, we see continued growth into the second half of the year as well."
  • Outlook: Camtek sees Q3 revenue of $81 million - $83 million, above the consensus of $80 million.
  • Price Action: CAMT shares traded higher by 0.63% at $28.68 on the last check Wednesday.