Orbotech Ltd. (Nasdaq: ORBK) reported higher revenue but lower non-GAAP profit in the second quarter of 2014.
Revenue for the second quarter of 2014 totaled $113.2 million, up from $104.8 million in the preceding quarter and $108.8 million in the corresponding quarter of 2013. Second quarter GAAP net profit was $8.6 million ($0.20 per share), up from $6.3 million ($0.15 per share) in the preceding quarter and $10.5 million ($0.24 per share) in the corresponding quarter. But second quarter non-GAAP profit was $10.5 million ($0.25 per share) down from $12.4 million ($0.29 per share) in the corresponding quarter of 2013.
Orbotech CEO Asher Levy said, “Our PCB business picked up as expected and our FPD business enjoyed another quarter of solid orders as we recorded a cumulative total of $130 million in bookings for the first half of 2014. Our service revenues continue to strengthen."
He added, "The acquisition of SPTS is part of our strategy to expand into Advanced Packaging. This significant acquisition represents a natural and strategic extension of our business into an adjacent high growth industry. We expect, through this acquisition, to combine the extensive know-how and core assets of both companies and to enhance Orbotech’s portfolio and industry leadership.”
Orbotech sees $260 million revenue on a stand-alone basis in the second half, with the third quarter expected to be in the range of $118 - $123 million. SPTS is expected, on a stand-alone basis, under UK GAAP, to generate revenue of $100 million in the second half of 2014.
Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014