Nova Q1: 1% Revenue Decline, Earnings Beat, Record Bookings & More

Nova Ltd NVMI reported a Q1 2023 revenue decline of 1% Y/Y to $132.2 million, beating the consensus of $130.1 million.
The company witnessed solid bookings for materials metrology, such as METRION, VERAFLEX and ELIPSON platforms.
Adjusted EPS declined 5% Y/Y to $1.23, beating the consensus of $1.04.
Gross margin expanded to 58% from 56% in the first quarter of 2022, led by higher software revenues and a favorable product mix.
Operating expenses increased to $41.5 million from $37.6 million a year ago.
Cash and equivalents stood at $389.4 million at the end of the quarter.
Outlook: Nova expects revenues of $117 million to $125 million (consensus: $124.87 million) and adjusted EPS of $0.92 to $1.06 (vs. consensus: $0.94) in Q2 2023.
"We're encouraged by the record bookings for our materials metrology solutions and believe our positioning in this strategic domain is a growth engine for years to come. As our industry charts a path forward, navigating a host of global volatile conditions, we at Nova remain focused on our strategic plans and infrastructure investments that will enable our long-term growth," said Gaby Waisman, President and CEO.
Price Action: NVMI shares are trading higher by 0.78% at $91.99 on the last check Thursday.

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