Camtek Clocks 35% Revenue Growth In Q1 Backed By Robust Order Flow Amid China's Covid Lockdown, Global Tensions

Camtek Ltd CAMT reported first-quarter FY22 revenue growth of 35% year-on-year to $77.17 million, marginally beating the consensus of $77 million.
The non-GAAP gross margin expanded 130 bps to 52%.
The non-GAAP operating margin expanded by 160 bps to 28.8%.
Non-GAAP EPS of $0.44 missed the consensus of $0.45.
The company held $428.3 million in cash and equivalents.
CEO Rafi Amit commented, "We have started 2022 with strong results, and we are continuing to experience an impressive flow of orders. Despite the negative global geopolitical environment and the ongoing COVID-19 implications, specifically the lockdown in Shanghai area, the Company has received orders from China and from other territories of more than $150 million since the beginning of the year. The orders were received from a broad range of customers and will be used for various applications such as Advanced Interconnect Packaging, including DRAM, Front End, and CIS. This strengthens our expectations for another record year with year-over-year revenue growth of mid to high teens."
Outlook: Camtek sees Q2 revenue of $77 million - $80 million, versus the consensus of $79 million.
Price Action: CAMT shares traded higher by 1.15% at $27.25 on the last check Thursday.

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