Nova reports record results – Global

The dual company Nova

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(NYSE: NVMI) reports financial results for the fourth quarter of 2020 and for 2020 as a whole. On the top line, the company reported record revenues of $ 76.3 million, a growth of about 18% compared to the same period last year, and above analysts’ expectations of about $ 70 million. For the full 2020 revenue amounted to $ 269.4 million, a record figure and growth of 20%.

Bottom line, net income was $ 13.7 million, up 9%. Adjusted earnings totaled 55 cents a share, up 8% and above 52 cents. The gross profit margin in the fourth quarter of 2020 was 55.5%, compared to the gross profit margin of 57.1% in the third quarter of 2020, and compared to the gross profit margin of 53.6% in the fourth quarter of 2019.

Forecasts for the next quarter: up to 20% above analysts’ expectations
Based on current estimates, the company expects revenue in the first quarter of 2021 in the range of $ 76 to $ 83 million, between about 9% and about 20% above analysts’ expectations of $ 69.9 million. Adjusted earnings are expected to range from 55 to 66 cents per share. The company’s forecasts exceed analysts’ expectations of a adjusted earnings of 52 cents per share.

The company’s cash position, as of the end of the year, was $ 232.3 million, and total current assets amounted to approximately $ 558 million against a total (short and long) debt of approximately $ 284 million. Cash flow for the fourth quarter resulting from current operations amounted to approximately $ 6.5 million, compared with $ 15.4 million in the corresponding period last year. For the full year, cash flow from operating activities amounted to approximately $ 60.2 million, compared with approximately $ 40.7 million in the corresponding period last year.

“Our strong fourth-quarter financial results sum up a record year for Nova, reflecting the company’s high flexibility and exceptional execution capabilities,” he said. Eitan Oppenheim, President and CEO of Nova. “This is a strong end to a year of excellent performance, during which we continued to innovate and expand our unique product offering to support new generations of chips. The resilience we demonstrated in dealing with the epidemic, led by our global teams, has driven our strong performance throughout the year. And the company’s improved and with its strong position in the market, we are entering 2021 with significant momentum for continued growth in the various territories. “