Nova Measuring Instruments Earnings: Here’s Why Investors are Buying Shares Now
Nova Measuring Instruments Ltd. (NASDAQ:NVMI) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.33%.
Nova Measuring Instruments Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 13.33% to $0.13 in the quarter versus EPS of $0.15 in the year-earlier quarter.
Revenue: Rose 21.24% to $27.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Nova Measuring Instruments Ltd. reported adjusted EPS income of $0.13 per share. By that measure, the company beat the mean analyst estimate of $0.12. It beat the average revenue estimate of $25.96 million.
Quoting Management: “Following very strong bookings in the fourth quarter, our revenues in the first quarter increased 24% sequentially and produced earnings at the high end of our guidance,” said Gabi Seligsohn, President and CEO of Nova. “During the first quarter we focused mostly on extensive delivery of 28nm equipment to foundries, as well as small quantities of 20nm equipment to support an initial ramp up at that technology node. As planned, we continued to increase our investment in future success through higher operating expenses, and in parallel we were able to generate positive cash flow of $2.8 million. We ended the quarter with $94 million in cash.”
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