RTTNews | Aug 5, 2021 08:38AM EDT

08:37 Thursday, August 5, 2021 (RTTNews.com) - Nova Ltd (NVMI) on Thursday reported a 163 percent rise in its second-quarter earnings primarily attributed to the strong sales growth. The company's earnings and revenues came in above the Street estimates.

Net Income for the period was $22.9 million or $0.77 per share as compared to $8.7 million or $0.30 per share in the year-ago quarter.

Excluding items, earnings were $26.9 million or $0.90 per share as compared to $13.8 million or $0.48 per share in the year-ago quarter.

On average, 6 analysts polled by Thomson Reuters were expecting the company to report earnings of $0.73 per share. Analysts typically exclude one-time items.

The company, a provider of metrology devices for advanced process control used in semiconductor manufacturing, reported revenue of $97.7 million, a 56 percent jump from $62.6 million in the second quarter of the previous financial year, primarily due to the continuing proliferation of optical CD standalone solutions to various leading customers, and record revenues from China.

On average, 5 analysts polled by Thomson Reuters were expecting the company to report earnings of $88.38 million.

"Following our consistent achievements this year, we announced during our recent analyst and investor day, our new plan to organically grow the business to more than $500M in revenues. Along with our guidance for the third quarter of 2021, we are well-positioned to achieve another record year and position Nova to capitalize on further opportunities in different territories." Said Eitan Oppenhaim, Chief Executive Officer.

Based on current estimates, the management expects third quarter revenue between $99 million and $106 million, which is higher than the consensus estimate of $90.03 million.

The Israel-based company has projected an EPS of $0.71 to $0.84 and adjusted EPS of $0.85 to $0.98 for the third quarter.

6 analysts polled by Thomson Reuters are expecting the company to report EPS of $0.74.

NVMI closed Wednesday's trading at $97.00, up 0.40 percent. It is currently trading in pre-market 3.25% higher at $100.15.

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