Onto Innovation Inc. reported significant financial growth in its latest 10-Q filing for the three and nine months ended September 28, 2024. The company achieved revenues of $252.2 million for the third quarter, a 21.7% increase from $207.2 million in the same period of the previous year. For the nine months, revenue reached $723.4 million, up 21.2% from $597.0 million year-over-year. This growth was primarily driven by increased sales in systems and software, which totaled $217.1 million for the third quarter, compared to $169.3 million in the prior year.
Gross profit also saw a substantial rise, reaching $136.4 million for the third quarter, up from $106.9 million in the same quarter of 2023. For the nine-month period, gross profit increased to $382.9 million from $312.3 million. The gross profit margin improved due to higher sales volume and a favorable product mix.
Operating income for the third quarter was reported at $53.1 million, compared to $34.0 million in the same quarter of 2023, while for the nine months, it rose to $144.6 million from $87.8 million. Net income for the third quarter was $53.1 million, up from $35.9 million, and for the nine months, it increased to $152.9 million from $90.9 million. Basic earnings per share for the third quarter were $1.07, compared to $0.73 in the prior year, and for the nine months, it was $3.10, up from $1.86.
The company’s cash and cash equivalents decreased to $188.7 million as of September 28, 2024, from $233.5 million at the end of 2023. However, marketable securities increased significantly to $666.7 million from $464.3 million, contributing to a total cash, cash equivalents, and marketable securities balance of $855.4 million, up from $697.8 million.
Operating expenses rose due to increased research and development costs, which totaled $28.3 million for the third quarter, compared to $26.1 million in the same period last year. Sales and marketing expenses also increased to $19.5 million from $14.8 million. The company has not made any share repurchases under its $200 million authorization approved in February 2024.
Strategically, Onto Innovation continues to focus on technological innovation in the semiconductor industry, which is characterized by rapid advancements and increasing demand for advanced process control equipment. The company faces challenges such as supply chain disruptions and geopolitical factors that could impact future performance.
About ONTO INNOVATION INC.
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