Novellus Systems trims revenue range
By Matt Andrejczak, MarketWatch
Last Update: 5:28 PM ET Nov. 29, 2005
SAN FRANCISCO (MarketWatch) - Novellus Systems, a provider of equipment used in making chips for consumer electronics, late Tuesday lowered the top end of its fourth-quarter revenue forecast.
In its midquarter update, Novellus forecasted sales in the range of $305 million to $315 million, compared with its prior forecast of $305 million to $322 million. Analysts polled by Thomson First Call are targeting sales of $316 million.
The San Jose, Calif.-based company maintained its earnings per share range of 15 cents to 20 cents, excluding charges.
On a positive note, Novellus (NVLS: 24.08, +0.28, +1.2%) lifted its orders target when it said bookings will rise 5% to 10% from the quarter ended Oct. 1.
Rick Hill, chief executive officer at Novellus, said the overall business climate is improving in the United States, Japan and China.
The new bookings estimate equates to a range of $301.4 million to $315.7 million versus its prior guidance of $287 million to $315.7 million.
In after hours trading, Novellus shares slipped 2.5% to $23.48.
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