Electro Scientific Q4 profit soars on strong market
July 11, 2000 05:11 PM
PORTLAND, Ore., July 11 (Reuters) - Electro Scientific Industries Inc. ESIO , a maker of equipment for manufacturing electronics components, said on Tuesday its fourth quarter profit quadrupled, besting expectations on the back of industry-wide growth.
Electro Scientific, also known as ESI, said it earned $17.2 million, or 61 cents per diluted share, compared to $2.9 million, or 15 cents per share on a pro forma basis that excludes the cost of mergers in fiscal 1999.
Including those costs, the Portland, Ore.-based company turned a net profit of 61 cents a share, compared to 11 cents a share a year earlier.
Wall Street had expected a profit of 56 cents a share, according to First Call/Thomson Financial, which compiles consensus analyst estimates.
The stock rose in after-hours trading to 49-1/2, up 4 percent from its Nasdaq close of 47-5/8. ESI rose 9/16 in regular trading before the earnings release.
Sales for the quarter, which ended June 3, almost doubled to $109 million from $57 million a year earlier, it said.
ESI said its backlog was worth $169 million at the end of the quarter compared to $23 million a year earlier.
ESI Chief Executive Donald VanLuvanee said in a statement that the profit "reflects both growth in demand across the entire electronics industry and growth in our market share."
Sales to Japan and the rest of Asia accounted for 64 percent of total fourth-quarter sales, VanLuvanee said.
ESI's equipment is used to make electronic components for industries such as wireless telecommunications, computer and automotive electronics. It makes laser systems to improve performance of memory chips, fine-tune electronic circuits, and make wiring boards and electronic packaging. |
