YAVNE, ISRAEL – Orbotech reported fourth quarter printed circuit board revenues of $90.4 million, including $55 million in equipment sales, up 17.1% year-over-year.

The firm’s total fourth quarter revenues were $256.9 million, up 19.5% year-over-year and 4.6% sequentially.

GAAP net income for the period was $55.9 million, up 118.4% compared to the fourth quarter of 2016.

Fourth quarter revenues from the company’s flat panel display business were $72.1 million, including $60.7 million in equipment sales, an increase of 0.7% compared to the same quarter of 2016. Semiconductor device revenues were $90.3 million, including $77.8 million in equipment sales, in the fourth quarter, up 45.4% year-over-year.

Orbotech’s total 2017 revenues were $900.9 million, up 11.7% compared to 2016. GAAP net income for the year was $132.4 million, up 66.8%.

“We are very pleased to report strong quarterly results that concluded a record performance in 2017,” said CEO Asher Levy. “During the year, we achieved record bookings, and our backlog at the end of 2017 is double the amount at the end of 2016, which also strengthens and improves our visibility. The positive momentum in Orbotech’s served industries, and our unique positioning, enabled us to grow significantly during 2017 and reinforce our overall competitive position.”

The company expects first quarter 2018 revenue in the range of $235 million to $250 million.