Semiconductor equipment manufacturer, Camtek Ltd., announced this Thursday that its net income for the first quarter of the year totalled $24.8 million, or $0.51 per share. This is a 21% increase from the same time last year, when it was at $17.2 million or $0.36 per share.
When adjusted, the net income was $31.3 million or $0.64 per share, compared to the previous year's $20.4 million or $0.42 per share. The first quarter revenue for the company was $97.0 million, marking a 34% increase from the $72.5 million recorded in the previous year.
According to data compiled by Thomson Reuters, analysts had expected the company to report earnings of $0.57 per share on revenues of $93.64 million on average. Usually, these analyses exclude special items.
Looking forward, Camtek Ltd. anticipates its second quarter revenues to range between $100 million to $102 million, which represents a midpoint increase of 37% compared to the second quarter of 2023.
The company is optimistic about the future beyond 2024, particularly given the transformation that AI continues to foster within the industry. As a result, it is confident in the potential to leverage this trend and grow towards reaching annual sales in excess of $500 million.
In early trading on Nasdaq, Camtek Ltd.’s shares were up about 3.4%, trading at $87.26.
