Metrology solutions developer Nova Measuring Instruments Ltd. (Nasdaq:NVMI; TASE:NVMI) expects to surpass its own full-year guidance for 2010, after achieving record revenue and profits for the third quarter.
Nova's revenue rose 112% to $24.2 million revenue for the third quarter from $8.7 million for the corresponding quarter of 2009. Net profit rose to $7.3 million ($0.27 per share) from $1.7 million for the corresponding quarter.
Nova's cash flow from operations was $7.9 million for the third quarter, boosting its cash reserves to $54.8 million.
Nova expects $24.5-26 million revenue for the fourth quarter, and $78-85 million revenue for the full year of 2010.
Nova president and CEO Gabi Seligsohn said, "During the quarter we also continued to execute on our strategy of expanding our customer base with the stand alone metrology product line, adding two new foundry customers and one new memory customer. We expect to recognize most of the related revenues at the beginning of 2011.
"On the integrated metrology front, we continued to enjoy record business volumes with many fabs ordering and installing dozens of tools per fab. We believe that the combination of new products and the recent customer design wins will support further growth in the future."
Nova's share price rose 2.2% on Nasdaq yesterday to $6.05, giving a market cap of $121 million. The share price rose 5.3% by midday on the TASE today to NIS 23.34.
Published by Globes [online], Israel business news - www.globes-online.com - on November 2, 2010
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