YAVNE, ISRAEL – Orbotech reported third quarter PCB revenues were $94.7 million, including $56.7 million in equipment sales, up 10.5% year-over-year.

The company’s revenues for the quarter totaled $261.2 million, an increase of 6.3% year-over-year, down 2.4% sequentially.

Total GAAP net income was $29.2 million, down 20.2% compared to the third quarter of 2017.

Revenues from the flat panel display business were $78.2 million, up 2.9% compared to the same quarter last year. Semiconductor device revenues were $79 million, an increase of 0.5%.

As of Sept. 30, Orbotech had cash, cash equivalents, short term bank deposits and marketable securities of $406.2 million and debt of $56.5 million. During the third quarter, the company generated cash from operations of $52.9 million.

The firm expects fourth quarter revenue to be approximately $270 million and to conclude the year with revenues of approximately $1.05 billion, reflecting a year-over-year growth rate of around 17%.