Benzinga | Aug 4, 2021 12:21PM EDT

Camtek Beats On Q2 Earnings, Notes Robust Margins, Issues Strong Q3 Outlook

* Camtek Ltd (NASDAQ:CAMT) reported second-quarter FY21 revenue growth of 82% year-on-year to $67.5 million, beating the analyst consensus of $64.1 million.

* The non-GAAP gross margin expanded 600 bps to 52.1% due to the higher revenue level and a more favorable product mix in the quarter.

* The non-GAAP operating margin expanded by 1,020 bps to 27.4%.

* Non-GAAP EPS of $0.38 beat the analyst consensus of $0.36.

* The company held $189.3 million in cash and equivalents.

* It generated $19.9 million in operating cash flow.

* Camtek experienced unprecedented momentum in its business which it expects to continue through the second half of the year, CEO Rafi Amit stated.

* Camtek said it is in the process of expanding production capacity to address customers' demands and long-term growth strategy.

* Inventories were $54.35 million as of June 30, 2021, versus $39.74 million as of Dec. 31, 2020.

* Outlook: Camtek sees Q3 revenue of $69 million - $71 million, versus the consensus of $65.68 million.

* Price action: CAMT shares traded higher by 1.63% at $38.11 on the last check Wednesday.