Onto Innovation Inc. announced its financial results for the third fiscal quarter of 2024, reporting GAAP revenue of $252.21 million, a 22% increase compared to $207.185 million in the same period last year. The company's GAAP diluted earnings per share (EPS) reached $1.07, up from $0.73 year-over-year, while non-GAAP diluted EPS was $1.34, surpassing the Zacks estimate of $1.31.
The company's gross profit margin improved to 54% on a GAAP basis and 55% on a non-GAAP basis, compared to 52% in the prior year's quarter. Operating income also saw substantial growth, with GAAP operating income at $53.072 million and non-GAAP operating income at $69.999 million, reflecting strong operational execution.
For the fourth fiscal quarter ending December 28, 2024, Onto Innovation provided guidance for diluted EPS between $1.33 and $1.48. However, the company noted over $10 million in JetStep lithography pushouts in Q4 2024 due to customer capacity needs, with reschedule dates currently unclear.
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