CCMP ($53-$61) P/E 35..Beats by 5 cents..Rev's light of consensus..
Wednesday July 25, 11:04 am Eastern Time
Cabot earnings fall, outlook cloudy
AURORA, Ill., July 25 (Reuters) - Cabot Microelectronics Corp. (NasdaqNM:CCMP - news), a maker of materials used in the semiconductor finishing process, on Wednesday reported third-quarter earnings fell a smaller-than-expected 2 percent amid weak conditions across the integrated circuits market.
The company reported earnings of $8.9 million, or 36 cents per share, compared with adjusted earnings of $9 million, or 38 cents per share, a year earlier. Last year's results were reported on a pro forma basis, adjusting for certain transactions associated with the company's spin-off from chemicals maker Cabot Corp. (NYSE:CBT - news) last September.
Analysts had expected earnings of 28 to 34 cents per share, with a mean expectation of 31 cents, according to research firm Thomson Financial/First Call.
On a net basis, including all special items from a year earlier, the company's earnings rose fractionally from about $8.8 million, or 37 cents per share. Earnings per share were lower than a year earlier because the company had more shares outstanding this year.
``Visibility remains clouded relative to the duration of this downturn,'' Cabot Chairman, President and Chief Executive Officer Matthew Neville said in a statement. |
