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Onto Innovation(ONTO) - 2024 Q4 - Annual Results
ONTOOnto Innovation(ONTO)2025-02-06 21:07

Financial Performance - Record revenue of 264millioninQ42024,markingthesixthconsecutivequarterofgrowth[3]−Fullyearrevenuereached264 million in Q4 2024, marking the sixth consecutive quarter of growth[3] - Full year revenue reached 987 million, a 21% increase over 2023[3] - GAAP diluted earnings per share of 0.98inQ42024,withnon−GAAPdilutedearningspershareat0.98 in Q4 2024, with non-GAAP diluted earnings per share at 1.51, exceeding guidance[3] - Full year GAAP diluted earnings per share grew by 65% to 4.06,andnon−GAAPdilutedearningspershareincreasedby434.06, and non-GAAP diluted earnings per share increased by 43% to 5.34[3] - Revenue for the three months ended December 28, 2024, was 263,939thousand,representinga20.6263,939 thousand, representing a 20.6% increase from 218,856 thousand for the same period in 2023[25] - Net income for the twelve months ended December 28, 2024, reached 201,670thousand,asignificantincreaseof66.5201,670 thousand, a significant increase of 66.5% from 121,159 thousand in 2023[31] - Non-GAAP net income for the three months ended December 28, 2024, was 74,831thousand,comparedto74,831 thousand, compared to 52,443 thousand for the same period in 2023, reflecting a 42.7% increase[31] - The company reported a diluted earnings per share of 0.98forthethreemonthsendedDecember28,2024,comparedto0.98 for the three months ended December 28, 2024, compared to 0.61 for the same period in 2023, representing a 60.7% increase[25] Revenue Growth - AI packaging revenue surged by 180% compared to 2023[3] - Cash generated from operations improved by 43% year-over-year, totaling 246millionforthefullyear[3]−Advancednodesrevenuehasshownimprovementforfourconsecutivequarters,withpositivemomentumexpectedtocontinueinto2025[3]GuidanceandProjections−GuidanceforQ12025revenueisprojectedbetween246 million for the full year[3] - Advanced nodes revenue has shown improvement for four consecutive quarters, with positive momentum expected to continue into 2025[3] Guidance and Projections - Guidance for Q1 2025 revenue is projected between 260 million and 274million[6]−Estimatednon−GAAPnetincomeperdilutedshareforthefirstquarterof2025isprojectedtobebetween274 million[6] - Estimated non-GAAP net income per diluted share for the first quarter of 2025 is projected to be between 1.40 and 1.54[33]OperatingPerformance−GrossprofitforthetwelvemonthsendedDecember28,2024,was1.54[33] Operating Performance - Gross profit for the twelve months ended December 28, 2024, was 515,308 thousand, up 22.6% from 420,254thousandin2023[25]−OperatingincomeforthethreemonthsendedDecember28,2024,was420,254 thousand in 2023[25] - Operating income for the three months ended December 28, 2024, was 42,460 thousand, a 50.3% increase compared to 28,230thousandinthesamequarterof2023[25]−ThegrossmarginasapercentageofrevenueforthethreemonthsendedDecember28,2024,improvedto5528,230 thousand in the same quarter of 2023[25] - The gross margin as a percentage of revenue for the three months ended December 28, 2024, improved to 55%, up from 52% in the same quarter of 2023[27] - Operating expenses for the twelve months ended December 28, 2024, totaled 328,205 thousand, up from 304,176thousandin2023,markingan8304,176 thousand in 2023, marking an 8% increase[25] Research and Development - Research and development expenses for the three months ended December 28, 2024, were 34,892 thousand, an increase of 45.3% from $24,021 thousand in the same period of 2023[25] Product Development - New products launched to support next generation 3D interconnect technology and inspection tools[3]