Onto Innovation reports Q2 EPS 79c, consensus 84c

Reports Q2 revenue $190.7M, consensus $203M. Michael Plisinski, chief executive officer of Onto Innovation, commented, “During the quarter we saw several positive affirmations of our strategy. Our leading position among the top five customers for inspection of heterogeneous packaging and HBM to support the increasing AI end market resulted in solid demand in the quarter and positioned Onto for further inspection growth throughout the year. Demand for our solutions in power semiconductors continued to grow, and we now have a backlog of orders for our recently announced Element(TM) materials metrology and Atlas(R) OCD metrology products specifically designed to support the power market. Although our advanced node customers remain at significantly reduced spending levels, we have several productive engagements with their R&D teams, resulting in new tool of record positions for our films metrology systems and integrated metrology modules, which should contribute to broader growth when production spending resumes.”