Q4 2024 Onto Innovation Inc Earnings Call Transcript
Key Points
- Onto Innovation Inc (ONTO) achieved its sixth consecutive quarter of growth, setting a new quarterly revenue record of $264 million.
- Gross margins improved every quarter in 2024, reaching nearly 55% in the fourth quarter.
- The specialty device and advanced packaging markets grew by 30% for the calendar year, with AI packaging demand leading the growth.
- Metrology revenue in advanced packaging exceeded $50 million, more than tripling from 2023, with expectations for further growth.
- Onto Innovation Inc (ONTO) launched several new products aimed at expanding opportunities in advanced packaging, advanced nodes, and power semiconductors, with anticipated incremental revenues starting later in 2025.
- Orders from HBM declined after a record third quarter, although a pickup in demand is expected as market allocations become clearer.
- Revenue from software and services decreased by 4% compared to the third quarter.
- The company incurred merger and acquisition-related expenses and restructuring charges, impacting GAAP gross margins.
- Operating expenses were at the high end of guidance due to accelerated R&D investments.
- The first quarter of 2025 is expected to see a seasonal dip in power revenue before growth resumes in subsequent quarters.
Good day and welcome to the Onto Innovation fourth quarter earnings release conference call. Today's conference is being recorded at this time. I would like to turn the conference over to Sidney Ho Investor Relations. Please go ahead.
Thank you, Rachel and good afternoon, everyone onto innovation issued is 2024 4th quarter and full year financial results this afternoon. Shortly after the market closed. If you did not receive a copy of the release, please refer to the company's website where a copy of the release is posted.
Joining us on the call today are Michael Plisinski, Chief Executive Officer and Mark Slicer, Chief Financial Officer.
I'd like to remind you that the statements made by management on this call will contain forward-looking statements within the meaning of the federal securities laws. Those statements are subject to a range of changes, risks and uncertainties that can cause actual results to vary materially.
For more information regarding the risk factors that may
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