Nanometrics Incorporated (NASDAQ:NANO) Q1 2018 Earnings Conference Call - Preliminary Transcript

May 01, 2018 • 04:30 pm ET

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Nanometrics Incorporated (NASDAQ:NANO) Q1 2018 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Good afternoon, and welcome to the Nanometrics First Quarter Financial Results Conference Call. A Q&A session will be held at the end of the call. Until that time all participants will be in a listen-only mode. Please note that this conference call is being recorded today, May 1, 2018. At this time, I would like to turn the call over to your host, Claire McAdams. Please go ahead.

Executive
Claire McAdams

Thank you, and good afternoon, everyone. Welcome to the Nanometrics first quarter 2018 financial results conference call. Speaking on today's call are Dr. Pierre-Yves Lesaicherre, President and Chief Executive Officer; and Jonathan Chou, Chief Financial Officer. Shortly, Pierre-Yves will provide a recap of the quarter and our perspective looking forward, then Jonathan will discuss our financial results in more detail. After which, we will open up the call for Q&A.

The press release detailing our financial results was distributed over the wire services shortly after 1:00 PM Pacific this afternoon. The press release and supplemental financial information are also available on our website at www.nanometrics.com.

Today's conference call contains certain forward-looking statements, including, but not limited to, financial performance and results, including revenue, margins, operating expenses, profitability and earnings per share. Such statements may be identified by the use of words like believe, expect and similar expressions that look toward future events or performance. Although Nanometrics believes that the expectations reflected in the forward-looking statements are reasonable, actual results could differ materially from the expectations due to a variety of factors, including general economic conditions, changes in timing and levels of industry spending, the adoption and competitiveness of our product, industry adoption of new technology and manufacturing processes, customer demand, shifts in timing of orders or product shipments, changes in product mix, our ability to successfully realize operating efficiencies and the additional risk factors and cautionary statements set forth in the Company's Form 10-K on file for fiscal year 2017. Nanometrics disclaims any obligation to update information contained in any forward-looking statement.

During today's call, we will also refer to financial measures not calculated according to generally accepted accounting principles. Please refer to today's press release for an explanation of our reasons for using such non-GAAP measures as well as tables reconciling those measures to our GAAP results.

I will now turn over the call to Pierre-Yves.

Executive
Pierre-Yves Lesaicherre

Thank you, Claire, and good afternoon, everyone. Today, in my prepared remarks, I will briefly review our first quarter results, share our views on the current business environment and give our perspective looking forward. Jonathan will then review the financial details of our recent results before opening up the call for Q&A.

Our first quarter results were stronger than expected and set multiple new records. Revenues of $82.3 million exceeded the high-end of the range as the current ramp in NAND and DRAM investments is happening faster and even stronger than we previously forecast. In addition, our recently announced market share gains in the memory segment are having a near immediate step up in our revenue