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Dec 26, 2020
Onto Innovation Q4 2020 Earnings Report
Reported fourth quarter and full year results for 2020.
Key Takeaways
Onto Innovation reported Q4 2020 revenue of $155.1 million, a 23% increase compared to the third quarter. GAAP net income was $19.9 million, or $0.40 per diluted share, while non-GAAP net income was $35.6 million, or $0.72 per diluted share. The company's cash and marketable securities increased by $33 million during the quarter.
Quarterly revenue increased 23% compared to the third quarter and exceeded management’s guidance.
Revenue from RF customers supporting the 5G ramp increased 100% over the third quarter.
Entered long-term operating model with fourth quarter Non-GAAP operating margin of 24%.
Cash and marketable securities increased $33 million in the fourth quarter and cash from operations was 21% of revenue in the quarter.
Onto Innovation
Onto Innovation
Forward Guidance
The Company is currently anticipating revenue for the first quarter 2021 to be in the range of $155 million to $169 million. Within this revenue range the Company is expecting GAAP net income per diluted share to be in the range of $0.35 to $0.49 and non-GAAP net income per diluted share to be in the range of $0.62 to $0.76.
Positive Outlook
- Revenue for the first quarter 2021 to be in the range of $155 million to $169 million.
- GAAP net income per diluted share to be in the range of $0.35 to $0.49.
- Non-GAAP net income per diluted share to be in the range of $0.62 to $0.76.
Challenges Ahead
- Guidance assumes that the safety protocols in place continue to limit the impact of COVID-19 on our factories and our suppliers.
- The upper end of this guidance is predicated on the approval of the Company’s application for a license to deliver an ordered product that was recently restricted from shipping to China.