Published on 10 May 2024 on Zacks via Yahoo Finance
Onto Innovation (ONTO) Q1 Earnings & Revenues Top, Up Y/Y
Onto Innovation Inc ONTO reported first-quarter 2024 earnings of $1.18 per share, which beat the Zacks Consensus Estimate by 7.3%. The bottom line increased 28.3% year over year.
Revenues of $228.8 million beat the Zacks Consensus Estimate by 2.9%. The top line increased 14.9% year over year. The uptick can be mainly attributed to customer capacity expansions for high-performance computing and high bandwidth memory supporting AI market growth.Revenues also came in within the company’s guided range of $215-$230 million. Management noted that Dragonfly system witnessed continued momentum owing to increasing demand for the platform in advanced packaging of AI compute devices. In the first quarter, revenues from Dragonfly systems soared 30% quarter over quarter.Advanced nodes revenues of $27 million increased 45% sequentially.Specialty devices and advanced packaging revenues of $158 million witnessed a marginal sequential rise. Revenues from software and services were up 4% sequentially to $44 million.Sales from specialty devices and advanced packaging, and advanced node markets contributed 69% and 12% to revenues, respectively. Software and services accounted for 19% of the top line.
Onto Innovation Inc. Price, Consensus and EPS Surprise