Orbotech Reports Third Quarter 2018 Results

 

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except per share data)

 (Unaudited)








Nine months ended


Three months ended


September 30,


September 30,


2018


2017


2018


2017









Revenues 

$779,292


$643,976


$261,226


$245,664

Cost of revenues

414,620


340,224


140,385


127,652

Gross profit

364,672


303,752


120,841


118,012









Operating expenses: 








Research and development, net

104,697


90,662


36,361


31,921

Selling, general and administrative

122,097


103,019


40,864


36,563

Equity in earnings of P.C.B. Solutions L.P ("Frontline")

(4,016)


(3,235)


(1,104)


(880)

Amortization of intangible assets

19,113


18,635


6,372


6,371

Transaction cost pending merger with KLA

4,706




944



Total operating expenses

246,597


209,081


83,437


73,975









Operating income

118,075


94,671


37,404


44,037

Financial expenses - net

4,538


4,890


2,747


1,317









Income before taxes on income

113,537


89,781


34,657


42,720

Taxes on income

18,857


14,256


5,600


6,569









Net income

94,680


75,525


29,057


36,151

Net loss attributable to non-controlling interests

(929)


(979)


(167)


(403)









Net income attributable to Orbotech Ltd. 

$95,609


$76,504


$29,224


$36,554

















Basic earnings per share

$1.99


$1.60


$0.60


$0.76









Diluted earnings per share

$1.95


$1.57


$0.59


$0.75









Weighted average number of shares (in thousands)








used in computation of:








Basic earnings per share

48,140


47,914


48,611


47,995

Diluted earnings per share

49,037


48,812


49,502


48,903


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