NOVELLUS handily beats estimates
cbs.marketwatch.com
By Janet Haney, CBS MarketWatch
Last Update: 5:02 PM ET Apr 17, 2000 Silicon Stocks
SAN JOSE, Calif. (CBS.MW) -- Novellus shares could soar Tuesday after the chip equipment maker reported a whopping 500 percent leap in earnings for its first quarter.
Ahead of the news, Novellus (NVLS: news, msgs) shares soared 12 3/4, or 31 percent, to 53 1/2.
The San Jose, Calif., company said late Monday that its net income hit $57.5 million, or 45 cents a share. That compares with the First Call consensus estimate of 39 cents a share. In the year-ago quarter, Novellus earned $9.4 million, or 8 cents per share.
Sales for the period reached $274.1 million, an increase of 138 percent from the $115.2 million reported a year earlier.
"Record bookings, revenues and net income are the result of accelerated capital spending by our customers for expanded capacity and advanced technology," said Richard Hill, the company's chairman and chief executive officer. "Bookings were strong across all geographic regions, and sales of our core products remain robust."
Novellus makes equipment used in semiconductor production, including chemical vapor deposition systems that layer insulating material on chip wafers, as well as other systems. |
