Technology

Camtek LTD. (NASDAQ:CAMT) Rallies on Record Q1 Profit

Camtek LTD. (NASDAQ:CAMT)

Shares of Camtek LTD. (NASDAQ:CAMT) were trading higher in the market after the company posted a record Q1 2017 profit of $3.3 million or $0.09 a share. The company had posted a net income of $24,000 for the same quarter last year.

Camtek Record QI Earnings

Revenues in the quarter came in at $30.8 million, representing 26% growth from $24.5 million in the same quarter last year. The same also represented a 5% increase from revenues of $29.3 million as of the fourth quarter. Camtek LTD. (NASDAQ:CAMT) finished the quarter with cash flow and cash equivalents of $24.3 million compared to $19.7 million as of December 31, 2016.

The results according to chief executive officer, Rafi Amit, were a result of strong performance across all the company’s business parts.

“Our results mark the best quarter in our history from the revenue standpoint, with exceptionally strong cash flow and a multi-year high in margins. Our solid performance was driven by strength across all our business parts and the advanced packaging market in particular that remains one of the fastest-growing segments of the semiconductor capital equipment space,” said Mr. Amit.

During the quarter Camtek LTD. (NASDAQ:CAMT) received multiple system orders for inspection and metrology systems from renowned CMOS Image sensor manufacturers. The orders included the company’s newest Eagle-I model, billed as the fastest and most accurate 2D inspection tool.

Given the rate at which the CMOS Image Sensor market continues to grow, the company remains confident of generating a significant amount of return going forward.

All signs, according to the chief executive officer, point to continued growth in the second quarter as well as strong performance for the full year. For the current quarter, Camtek LTD. (NASDAQ:CAMT) expects its revenues to be in the range of $33 to $34 million.

Shelf Registration Filling

Separately, Camtek LTD. (NASDAQ:CAMT) recently filed a shelf registration with the Securities and Exchange Commission. Once approved, the company will be able to sell equity securities of up to $50 million. The declaration will allow the company to sell up to 6 million ordinary shares.

Camtek LTD. (NASDAQ:CAMT) impressive run in the market shows no signs of slowing down as the company rallied from $1.95 a share at the start of last year. The stock was up by 9% in Tuesday’s trading session – closing at highs of $4.36 a share.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.

Previous ArticleNext Article
Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

Leave a Reply

Your email address will not be published. Required fields are marked *