Cymer 3Q Profit Falls but Tops Estimates
Tuesday October 18, 5:25 pm ET
Cymer Posts Lower Third-Quarter Earnings but Beats Wall Street Targets
SAN DIEGO (AP) -- Cymer Inc., a maker of lasers used to produce semiconductors, on Tuesday posted an 18 percent drop in third-quarter profit but still topped Wall Street expectations.
Shares of Cymer fell 45 cents to close at $33.50 on the Nasdaq, but took back $1.81, or 5.4 percent, in aftermarket activity.
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Quarterly income fell to $12.7 million, or 35 cents per share, from $15.4 million, or 41 cents, the year before. On average, analysts polled by Thomson Financial were looking for income of 20 cents per share.
Revenue totaled $99.7 million, down 7 percent from $107.1 million a year earlier, but ahead of analysts' consensus target for $95.5 million in sales. Its gross margin expanded to 42 percent from 40 percent last year, the company said.
Looking forward, Cymer forecast sequential revenue growth of 2 percent to 3 percent -- implying a range of about $101.7 million to $102.7 million -- and gross margin in the range of 40 percent to 42 percent.
Analysts currently predict fourth-quarter earnings of 26 cents per share on $99.2 million in sales. Cymer earned 22 cents per share on revenue of $128.1 million in last year's quarter. |
