YAVNE, ISRAEL – Orbotech posted second quarter revenue of $267.5 million, up 27% year-over-year and 6.7% sequentially.

GAAP net income was $36.1 million, an increase of 44.4% compared to the second quarter of 2017.

Adjusted EBITDA was $61 million, up 37.7% year-over-year.

Revenue from the firm’s printed circuit board business was $99.7 million, including $62.2 million in equipment sales, growth of 20.8% year-over-year.

Revenue from the flat panel display business was $81.5 million, including $69.1 million in equipment sales, up 17% compared to the second quarter last year.

Second quarter revenue from the semiconductor device business was $82.5 million, including $68.1 million in equipment sales, an increase of 50.3%.

Service revenue was $66.4 million, up 20%.

As of June 30, Orbotech had cash, cash equivalents, short term bank deposits and marketable securities of $358.2 million and debt of $56.3 million. During the second quarter, the company generated cash from operations of $80.2 million. As of June 30, the actual number of ordinary shares outstanding was approximately 48.6 million.

Orbotech expects third quarter revenue in the range of $255 million to $270 million.

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