UPDATE 1-Novellus posts results better than expected
Wed Jan 25, 2006 04:41 PM ET
(Adds forecast for current quarter, details, analyst expectations, stock price)
SAN FRANCISCO, Jan 25 (Reuters) - Semiconductor equipment maker Novellus Systems Inc. (NVLS.O: Quote, Profile, Research) on Wednesday posted a lower quarterly net profit as revenue declined, due in part to restructuring charges, but results before items were better than expected, sending shares higher.
Excluding charges for restructuring related to shifting some operations from Arizona to California, the company said it earned $26.6 million, or 20 cents per share, well ahead of the average Wall Street estimate of 16 cents per share. Shares rose 5 percent in extended trade.
The company also said that bookings, or orders, improved in the fourth quarter, rising 22.3 percent to $351.0 million from the preceding quarter.
Novellus said fourth-quarter net income, including $5.9 million in net charges, declined to $23 million, or 17 cents per share, from $23.4 million, or 27 cents per share, a year earlier.
Revenue fell to $332.3 million from $340.3 million, amid an industry-wide slump.
Shares of Novellus rose to $29.35 in extended trading after closing at $27.92 on Nasdaq on Wednesday. |
