Shares of metrology solutions provider, Nova Measuring Instruments Ltd. (Nasdaq: NVMI) surged as much as 27 percent from Monday’s closing price, in morning trading on Tuesday after the company announced record revenue in the second quarter, which topped analysts’ estimates.

Total revenues for the second quarter of 2010 were $19.4 million, an increase of 179% relative to the second quarter of 2009, and an increase of 22% relative to the first quarter of 2010.Gross margin for the second quarter of 2010 was 54%, compared with 41% in the second quarter of 2009, and 51% in the first quarter of 2010. Net income for the quarter was $4.7 million, or 18 cents per share.
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Analysts were looking for 12 cents a share profit on $16.9 million in revenue.

“Q2 was an excellent quarter, with record levels of revenues, profitability and operating cash flow” commentedGabi Seligsohn, President and CEO of Nova Measuring Instruments Ltd. in a statement. “These results demonstrate the success of our strategy which has focused on expanding our product offering, increasing our fab foot print and displacing traditional metrology techniques with our differentiated products.”

The company’s revised revenue guidance for 2010 is $78 million to$85 million. Based on this revenue guidance, the company is also guiding to net profitability of between 21 percent and 24 percent for the full-year.

Analysts on average were expecting $64 million, according to Thomson Reuters I/B/E/S.