Nova Ltd. (NASDAQ:NVMI) Q2 2024 Earnings Conference Call August 8, 2024 8:30 AM ET
Company Participants
Miri Segal - CEO of MS-IR
Gabriel Waisman - President & CEO
Guy Kizner - CFO
Conference Call Participants
Blayne Curtis - Jefferies LLC
Charles Shi - Needham & Company, LLC
Vedvati Shrotre - Evercore ISI
Mark Miller - Benchmark Company
Operator
Good day, and welcome to the Nova Limited Second Quarter 2024 Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.
I would like now to turn the conference over to Miri Segal, CEO of MS-IR. Please go ahead.
Miri Segal
Thank you, operator, and good day to everybody. I would like to welcome all of you to Nova's second quarter 2024 financial results conference call. With us on the line today are Gaby Waisman, President and CEO; and Guy Kizner, CFO. Before we begin, may I remind our listeners that certain information provided on this call may contain forward-looking statements, and the safe harbor statement outlined in today's earnings release also pertains to this call.
If you have not received a copy of the release, please view it in the Investor Relations section of the company's website. Gaby will begin the call with the business update, followed by Guy with an overview of the financials. We will then open the call for the question-and-answer session.
I'll now turn the call over to Gaby Waisman, Nova's President and CEO. Gaby, please go ahead.
Gabriel Waisman
Thank you, Miri, and thank you all for joining us today. I will start the call by summarizing our second quarter performance highlights. Following my commentary, Guy Kizner, Nova's Chief Financial Officer, will review the quarterly financial results in detail. Nova delivered an exceptionally strong quarter, exceeding the high end of the guidance in revenue and profit with record results across the board.
Our performance was propelled by our exposure across geographies, customers and technology nodes and manifested throughout Nova's dimensional materials and chemical metrology portfolio. Our revenue grew 11% sequentially and 28% year-over-year, and profitability set another unprecedented record. Furthermore, our overall cash reserves reached record levels at approximately $760 million.
The strong momentum and the outstanding performance results from our consistent execution. These results also attests to our ability to leverage market opportunities while relying on our flexible operational model to maximize the benefits. Looking at the broader picture, the first half of 2024 revenue came just under $300 million, 17% higher than the same period last year, a significantly higher rate than current forecast for wafer fab equipment. Given our third quarter guidance, we remain confident in our ability to outperform the market.