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What’s causing Onto Innovation Inc. (ONTO) stock to fall down?

Onto Innovation Inc. (ONTO) has seen a decline of 7.34% in the aftermarket. However, the last trading session closed at $92.81 with an incline of 6.06%.

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Third Quarter 2021 results

ONTO reported third-quarter 2021 results on 4th November 2021. According to the report, the $200.6 million quarterly sales is recorded more than 59 percent year over year. Moreover, the gross margin increased to 55% from 54%. In keeping with the Company’s $800 million long-term operating strategies, the operating margin increased to 21% GAAP and 29% non-GAAP. During the first half of the year, cash flow from operations reached $126.3 million, or 22% of sales. However, the revenue for the third quarter of 2021 was $200.6 million, 4% more than $193.4 million in the second quarter of 2021.

In the third and second quarters of 2021, the gross profit margin was 55 percent of sales. The gross margin stood at 54 percent in the third quarter of 2020. Whereas, the operating expenditures were $66.2 million, less than $3.3 million from the second quarter of 2021. Lower variable compensation plan expenditures in the third quarter accounted for the majority of the decline. Lastly, working capital grew by $58.4 million from the second quarter of 2021 to $736.9 million after the quarter.

New Appointment in Board of Directors

On 13th September 2021, ONTO announced that Karen Rogge has entered into the Board of Directors. Karen Rogge is a capable financial and operational leader with a strategic mentality focused on transformative growth and operational performance optimization. Moreover, she is the president and founder of RYN Group LLC, a management consulting firm. She has held C-level positions at several technology firms, including temporary CFO at Applied Micro Circuits, senior VP and CFO at Extreme Networks, and vice president of corporate finance, treasurer, and principal accounting officer at Seagate Technology.

Furthermore, she also worked at Hewlett Packard in various financial management, general management, and multi-disciplinary roles, including as the head of IT for the $4 billion tests and measurement division. She now uses her inventive expertise as a thought leader, advising CEOs and boards on how to concentrate their organic and inorganic development strategies. She just joined the Rambus Inc. board of directors. She formerly served on the board of directors of Kemet Corporation, a global leader in passive electronic components. Last but not least, Ms. Rogge was part of the team that handled the firm’s $1.8 billion acquisition by Yageo.

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