Stock Track | Nova Ltd Soars 7% as Q3 Results Smash Expectations

Stock Track11-07

Shares of Nova Ltd (NASDAQ: NVMI), a leading provider of semiconductor quality control systems, surged 7% on Wednesday after the company reported impressive third-quarter 2024 results that significantly exceeded Wall Street's estimates.

For the quarter ended September 30, 2024, Nova posted revenue of $179 million, up an impressive 38.9% year-over-year and beating analysts' consensus estimate of $171.8 million. The company's adjusted earnings per share (EPS) came in at $1.74, surpassing the $1.68 expected by analysts.

The strong performance was driven by robust demand across all of Nova's product lines, with the company noting that it delivered another record quarter. Notably, Nova's inventory levels improved, with days inventory outstanding decreasing to 189 days from 222 days in the previous quarter, indicating healthy product demand.

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