Nova beats revenue and profit forecasts on Wall Street: "Continued growth in market share"

The company Nova, a manufacturer of testing equipment for the chip industry, beat the revenue and net profit per share forecast for the second quarter, and its stock is climbing in pre-market trading on Wall Street. The company surpassed analysts' revenue expectations by presenting record revenue of $255 million in the second quarter, compared to the average Wall Street analyst forecast of $250 million. In the same quarter last year, the company's revenue stood at approximately $220 million, representing a growth of 16% within a year.

Bottom line, it recorded earnings per share (non-GAAP) of $2.51, also beating the average analyst forecast of $2.41 per share. This is an increase of 14% compared to the earnings per share last year and 8% compared to the previous quarter.

Nova reports record revenue from the processor sector, thanks to the transition to Gate-All-Around technology and demand for advanced generation chips. Furthermore, the company recorded record revenue from solutions for advanced packaging, thanks to the expansion of production capacity in the processor and memory sectors.

The company's stock has risen by approximately 22% since the beginning of the year and by approximately 53% over the past year. Its market value is estimated at $13 billion. The company develops and manufactures advanced measurement and testing systems (metrology) for the chip and semiconductor industry.

The company's management provided a forecast for the third quarter of this year, in which it expects revenue in the range of $277-287 million. The fully diluted net profit per share (non-GAAP) will range, according to the forecast, between $2.70-2.85.

Gaby Waisman, President and CEO of Nova, said upon the publication of the results:

"The current quarter marks a significant milestone for Nova. The results reflect the growth rate and performance set in our long-term strategic plan. We presented record sales in a number of product lines, including our chemical metrology solution for the front-end and Centronics solutions for measuring dimensions for advanced packaging. These achievements are a derivative of broad demand from customers, continued growth in our market share, and the deepening of collaborations with leading chip manufacturers. We have a clearer business picture for the coming quarters, a strong pipeline of opportunities, and confidence in our ability to present another year of profitable growth."