Automated optical inspection systems developer Orbotech Ltd. (Nasdaq: ORBK) today quadrupled its net profit on higher revenue for the second quarter of 2013, beating the analysts' consensus. Revenue rose to $108.8 million for the second quarter from $97.8 million for the corresponding quarter.
GAAP-based net profit was $10.5 million ($0.24) compared with a GAAP-based net loss of $790,000 for the corresponding quarter. Non-GAAP net profit quadrupled to $12.4 million ($0.29 per share) for the second quarter from $3.1 million for the corresponding quarter.
Orbotech beat the analysts' consensus of $0.18 earnings per share on $105.1 million revenue.
Increased activity by flat-panel display manufacturers, especially in China, gave the company a boost, said Orbotech CEO Asher Levy. “We are pleased to report a strong second quarter, in which we posted revenues which exceeded our guidance and recorded net income approximately double that of the first quarter. These reflected improved business conditions as well as the operational efficiency measures that we adopted at the end of last year."
Published by Globes [online], Israel business news - www.globes-online.com - on August 1, 2013
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