Camtek Q3 Results Top Estimates; Sees Higher FY24, Q4 Revenues; Stock Up 8%

(RTTNews) - Camtek Ltd. (CAMT), an Israeli semiconductor equipment manufacturer, reported Tuesday that net income for the third quarter increased to $32.74 million or $0.67 per share from $22.06 million or $0.66 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $0.75 per share, compared to $0.51 per share in the year-ago quarter.

Revenues for the quarter grew to $112.34 million from $80.47 million in the same quarter last year.

On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.69 per share on revenues of $108.68 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the fourth quarter, the company expects revenues of about $115 million, representing a 30 percent growth from last year, primarily driven by high performance computing applications.

Looking ahead to fiscal 2024, given the guidance for the fourth quarter, full-year revenue is projected to be a record of around $427 million, which would represent 35 percent growth YoY.

The Street is looking for revenues of $113.02 for the fourth quarter and $421.20 million for the year.

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