Camtek Ltd. (CAMT), a semiconductor equipment manufacturer, reported Thursday that its first-quarter net income totaled $24.8 million or $0.51 per share, an increase of 21 percent from last year's $17.2 million or $0.36 per share.
Adjusted net income was $31.3 million or $0.64 per share, compared to $20.4 million or $0.42 per share a year ago.
Revenues for the first quarter were $97.0 million, up 34 percent from $72.5 million in the prior year.
Analysts on average expected the company to report earnings of $0.57 per share on revenues of $93.64 million, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Looking ahead, for the second quarter, the company expects revenues between $100 million to 102 million, representing a 37 percent mid-point increase over the second quarter of 2023.
Looking beyond 2024, as AI continues to transform the industry, the company said it is very confident in its ability to capitalize on the trend and grow towards the milestone of annual sales in excess of $500 million.
In pre-market activity on the Nasdaq, Camtek shares were gaining around 3.4 percent to trade at $87.26.
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