Onto Innovation(ONTO) - 2024 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2024 reached $252 million, a 21.7$207.2 million in Q3 2023[2] - Operating income for Q3 2024 was $53 million (GAAP) and$70 million (non-GAAP), compared to $34 million (GAAP) in Q3 2023[2][5] - Net income for Q3 2024 was$53 million (GAAP) and $66 million (non-GAAP), reflecting significant growth from$35.9 million (GAAP) in Q3 2023[2][5] - Revenue for the three months ended September 28, 2024, was $252,210 thousand, representing a 21.7$207,185 thousand for the same period in 2023[15] - Operating income for the three months ended September 28, 2024, was $53,072 thousand, an increase of 56.1$34,006 thousand in the same period last year[15] - Net income for the three months ended September 28, 2024, was $53,051 thousand, compared to$35,886 thousand for the same period in 2023, reflecting a 47.6% increase[15] Earnings and Margins - GAAP gross margin was 54%, while non-GAAP gross margin was 55%, both showing improvement from previous quarters[2] - Gross profit for the three months ended September 28, 2024, was $136,379 thousand, up from$106,852 thousand, resulting in a gross margin of 54% compared to 52% in the prior year[15][16] - The company reported a gross margin as a percentage of revenue of 55% for the three months ended September 28, 2024, compared to 52% for the same period in 2023[16] - Operating margin as a percentage of revenue for the three months ended September 28, 2024, was 21%, up from 16% in the same period last year[17] Earnings Per Share - Diluted earnings per share were $1.07 (GAAP) and$1.34 (non-GAAP), nearing the high end of the guidance range[2][5] - Non-GAAP net income for the three months ended September 28, 2024, was $66,386 thousand, up from$47,613 thousand, with non-GAAP net income per diluted share increasing to $1.34 from$0.96[16][18] - Estimated GAAP net income per diluted share for the fourth quarter of 2024 is projected to be between $1.04 and$1.19[19] Future Outlook - For Q4 2024, the company expects revenue between $253 million and$267 million, with GAAP diluted EPS guidance of $1.04 to$1.19[7] - Non-GAAP diluted EPS for Q4 2024 is projected to be in the range of $1.33 to$1.48[7] Operational Highlights - Record cash from operations amounted to $67 million, representing 27$83,307 thousand, compared to $72,846 thousand in the same period last year, marking a 14.2$28,277 thousand, compared to $26,136 thousand in the prior year[15]