CamTech earned $ 13.4 million, which is 30 cents a share

The tide in the chip market led CamTech, which develops and manufactures test and measurement equipment for chipmakers, to another quarter in which it surpassed analysts' forecasts for its revenue and profits. CamTech earned $ 13.4 million, which is 30 cents a share according to US GAAP - a 380% increase over the same quarter in 2020.
CamTech's revenue grew 90% in the first quarter of 2021 compared to the same quarter in 2020, and 18% compared to the fourth quarter of 2020, and amounted to $ 57 million - higher than the center of the forecast range the company provided for revenue of $ 56-54 million in the first quarter Of 2021 and average analysts' forecasts for revenue of $ 55 million in the last quarter.
CamTech CEO Rafi Amit explained the increase in the company's sales in great demand for its products, and the company's strong competitive position. Amit said that "CamTech is well positioned in the market and as things stand at this point, 2021 is expected to be a record year for growth, sales and profitability.
CamTech's gross profit increased 114% in the first quarter of 2021, compared to the same quarter in 2020 - and amounted to $ 29 million, which is 50.5% of turnover, compared to 44.9% of turnover in the corresponding quarter in 2020. The sharp increase in profit and gross profit was due to the rapid growth in revenues and a mix of profitable products.
CamTech's operating profit jumped 402% in the last quarter compared to the same quarter in 2020, and amounted to $ 14 million - which is 25.1% of turnover, compared to 9.5% in the corresponding quarter last year. This is despite a 39% increase in selling, marketing, administrative and general expenses, in parallel with a sharp increase in revenue.
CamTech's current operations generated a $ 2.7 million cash flow surplus in the first quarter of 2021. CamTech expects second-quarter revenue in the second quarter of 2021 to be $ 65-63 million - 12% higher than the first quarter of the year and significantly higher than analysts' forecasts of $ 55.7 million .
Based on the company's backlog, its management estimates that the strong momentum in its business will continue in the third quarter of the year. CamTech reported in early April 2021 that in recent weeks it had received orders for $ 20 million for systems it manufactures, for testing and measuring chips, from several customers engaged in the production of advanced and semiconductor enclosures.
The semiconductor sector supports the growing demand for a number of applications, including energy management and distance measurement for the automotive industry and face recognition in mobile devices. Camtech has indicated that it will supply the systems in the second and third quarters of 2021.