Novellus affirms third-quarter outlook
By Deborah Adamson, CBS.MarketWatch.com
Last Update: 5:26 PM ET Aug. 30, 2001
SAN JOSE, Calif. (CBS.MW) -- Novellus Systems late Thursday reiterated its third-quarter outlook for sales and earnings.
In a midquarter conference call with analysts, the semiconductor equipment maker (NVLS: news, chart, profile) affirmed that it expects $300 million in revenue for the current quarter as well as earnings per share of 24 cents.
Analysts polled by Thomson Financial/First Call had expected revenue of $309.6 million and earnings of 23 cents a share.
Last year, Novellus brought in revenue of $359.1 million and earnings of 62 cents a share.
Looking ahead, the company said third-quarter bookings of $160 million were at the low end of the previously forecast range.
In addition, shipments are expected to come in at $200 million, down from the $215 million previously estimated.
"These are uncertain and turbulent times," said Peter Hanley, president of Novellus, during the call.
The company said it has acted to reduce costs throughout the year and will do what it takes to keep up its fiscal position. However, Novellus did not specifically comment on future layoffs.
Asked to comment on business in Europe and Japan, executives said it was the worst that the company has ever seen.
But overall, Novellus said it's not losing market share this quarter.
Novellus first put forward its third-quarter expectations when it reported its second-quarter earnings in July.
Another update for the third quarter will be provided in October.
Shares of San Jose, Calif.-based Novellus dropped by almost 2 percent to $45.85 in after-hours action. The stock dipped by 1.6 percent to $46.73 during the regular session. |
