What drives the shares of Onto Innovation Inc. (ONTO) down? – Catch news
Onto Innovation Inc. (ONTO) recorded a decline of 7.34% in the secondary market. However, the last trading session closed at $ 92.81 with a slope of 6.06%.
Third Quarter 2021 Results
ONTO released its third quarter 2021 results on the 4the November 2021. According to the report, quarterly sales of $ 200.6 million are recorded at more than 59% year-on-year. In addition, the gross margin increased from 54% to 55%. In line with the Company’s $ 800 million long-term operating strategies, operating margin increased to 21% GAAP and 29% non-GAAP. During the first half of the year, cash flow from operations was $ 126.3 million, or 22% of sales. However, third quarter 2021 revenue was $ 200.6 million, up 4% from $ 193.4 million in the second quarter of 2021.
In the third and second quarters of 2021, the gross profit margin was 55% of sales. Gross margin stood at 54% in the third quarter of 2020. While operating expenses were $ 66.2 million, less than $ 3.3 million from the second quarter of 2021. The decline in Variable compensation plan expenses in the third quarter accounted for most of the decrease. . Finally, working capital increased from $ 58.4 million from the second quarter of 2021 to $ 736.9 million after the quarter.
New appointment to the board of directors
The 13the September 2021, ONTO announced that Karen Rogge has joined the board of directors. Karen Rogge is a skilled financial and operational leader with a strategic mindset focused on transformative growth and optimizing operational performance. In addition, she is President and Founder of RYN Group LLC, a management consulting firm. She has held leadership roles at several technology companies including Temporary CFO at Applied Micro Circuits, Senior Vice President and Chief Financial Officer at Extreme Networks, and Vice President Corporate Finance, Treasurer and Senior Accountant at Seagate Technology.
In addition, she has also worked at Hewlett Packard in a variety of financial management, general management and multidisciplinary roles, including as IT manager of the $ 4 billion test and measurement division. She now uses her inventive expertise as a thought leader, advising CEOs and boards of directors on how to focus their organic and inorganic development strategies. She has just joined the board of directors of Rambus Inc. She previously served on the board of directors of Kemet Corporation, a world leader in passive electronic components. Finally, Ms. Rogge was part of the team that managed the $ 1.8 billion acquisition of the company by Yageo.