Onto Innovation Inc. announced its financial results for the fourth quarter and full year 2024, reporting record full-year GAAP revenue of $987.32 million, a 21% increase year-over-year. Full-year GAAP operating income surged by 37% to $187.10 million, and diluted EPS grew by 43% to $4.06.
For the fourth quarter of 2024, the company reported GAAP revenue of $263.939 million, which exceeded Zacks' estimate of $259.4 million. However, GAAP diluted EPS for the quarter was $0.98, falling below the consensus estimate of $1.39, despite non-GAAP diluted EPS reaching $1.51.
Gross margins consistently improved throughout 2024, culminating at nearly 55% in the fourth quarter, reflecting operational efficiencies. The company also noted over $10 million in JetStep lithography pushouts during Q4 2024 due to customer capacity needs, with reschedule dates remaining unclear.
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