YAVNE, ISRAEL – Orbotech reported record fourth-quarter revenues of $215 million, up 14.2% year-over-year and 4.9% sequentially.

GAAP net income was $25.6 million for the period ended Dec. 31, an increase of 60% year-over-year. Gross profit was $100.7 million, up 19% compared to the fourth quarter of 2015.

Revenues from the company’s printed circuit board business were $77.2 million, up 13.7% compared to the fourth quarter the previous year.

"Our fourth quarter results marked a strong finish to a very successful year for Orbotech,” said CEO Asher Levy. “In 2016, we posted record revenues on both annual and quarterly bases, as well as year-over-year growth and improved profitability in each of our three principal operating divisions. We generated significant cash from operations, enhanced our balance sheet, strengthened our competitive position in all major business areas and continued to implement our growth strategy. As we enter 2017, we feel encouraged by positive industry trends, such as growth in flexible OLED manufacturing, increased electronic content in smartphones and automobiles and progress in advanced packaging and MEMS. We expect significant revenue contribution from new products launched during 2016."

For 2016, Orbotech’s revenues were $806 million, up 7% compared to 2015. GAAP net income was $79.4 million, an increase of 40% year-over-year.

The company expects first-quarter revenue in the range of $180 million to $190 million.

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