January 29, 2009, 3:09 pm
Ultratech: Q4 EPS Beats; Outlook Soft; Cuts Jobs, Salaries
Posted by Eric Savitz
Ultratech (UTEK) this morning posted Q4 sales of $34.1 million, up from $29.7 million a year ago, but below the Street consensus of $35.8 million. Profits for the quarter were 17 cents a share, 3 cents better than estimates.
On a post-earnings conference call with the Street earlier today, the company said it expects Q1 revenue fo be down 15%-25% sequentially, which implies $25.6 million to $29 million, below the Street consensus at $30.4 million. For the full year, the company sees revenue down 10%-20% from 2008 levels, which implies $105 million to $118 million, down from $131.7 million in 2008, and below the Street consensus at $139.2 million.
The semiconductor equipment company also said it is cutting staff by 9% and reducing salaries for most employees by 5%-20%.
UTEK today is up 28 cents, or 2.5%, to $11.33. |
