Nova, a leading provider of material, optical, and chemical metrology solutions for semiconductor manufacturing, announced its financial results for the third quarter of 2024. The company reported record-breaking revenue of $179.0 million, representing a 14% increase compared to the previous quarter and a 39% increase year-over-year. Nova’s GAAP net income also reached a record high of $51.3 million, or $1.60 per diluted share, exceeding the company’s guidance and showing a 13% increase quarter-over-quarter and a 51% increase year-over-year. Non-GAAP net income was reported at $56.1 million, or $1.74 per diluted share, surpassing the company’s guidance and demonstrating an 8% increase quarter-over-quarter and a 41% increase year-over-year.
The strong performance was driven by record sales in Nova’s materials metrology portfolio and the robust demand for its Optical CD solutions, fueled by the increasing need for advanced nodes. Gaby Waisman, President and CEO of Nova, expressed satisfaction with the company’s solid results across all product lines.
Looking ahead, Nova provided its financial outlook for the fourth quarter of 2024, expecting revenue in the range of $181 million to $191 million. The company also projected diluted GAAP EPS between $1.51 and $1.70, and diluted non-GAAP EPS between $1.72 and $1.91.
During the third quarter, Nova’s total revenues reached $179.0 million, a 14% increase compared to the second quarter of 2024 and a 39% increase compared to the third quarter of 2023. Gross margin for the quarter was 57%, slightly lower than the previous quarter but higher than the same period last year. Operating expenses rose to $52.1 million in the third quarter of 2024, compared to $46.9 million in the second quarter of 2024 and $38.1 million in the third quarter of 2023.
On a GAAP basis, Nova reported net income of $51.3 million in the third quarter of 2024, compared to $45.1 million in the previous quarter and $33.7 million in the third quarter of 2023. On a non-GAAP basis, the company reported net income of $56.1 million in the third quarter of 2024, compared to $52.0 million in the second quarter of 2024 and $39.4 million in the third quarter of 2023.
Nova will host a conference call today, November 7, 2024, to discuss its third quarter financial results and outlook. The call will be available for replay until August 15, 2024.
About Nova:
Nova is a leading innovator and provider of material, optical, and chemical metrology solutions for advanced process control in semiconductor manufacturing. The company’s high-performance hardware and cutting-edge software enable customers to gain deep insight into developing and producing the most advanced semiconductor devices. Nova serves as a partner to semiconductor manufacturers worldwide.