Onto Innovation, a leading provider of systems used by microelectronics device makers, announced its impressive fourth-quarter financial results, causing its stock to reach a new high. The company's shares soared 88% to $178.94 by the end of the trading week, with a peak of $179.93 per share, marking a 52-week high.
In the fourth quarter, Onto Innovation reported earnings per share of 61 cents on revenue of $218.9 million. This is a decrease compared to the previous year when the company reported EPS of $1.34 on revenue of $253.3 million. However, on an adjusted basis, Onto Innovation reported EPS of $1.06, slightly lower than the previous year's $1.57.
Looking ahead, the company expects a positive start to the new year, with an estimated EPS range of 74 cents to 94 cents for the first quarter of the year. Additionally, Onto Innovation projects revenue between $215 million and $230 million for the same period.
Chief Executive Officer Michael Plisinski expressed his satisfaction with the company's performance, stating, "Onto Innovation finished the year strongly, as we supported a surge in demand for Dragonfly systems as well as delivered several metrology systems for potential new applications in the AI packaging space."
With these impressive results, Onto Innovation continues to solidify its position as a leader in the industry.