Novellus Systems Inc. (NVLS) fell short of Wall Street’s earnings expectations in the second quarter, but shares have eeked out a gain so far today due to a positive outlook for the current quarter.
The chip-making equipment manufacturer reported a second-quarter adjusted loss of 41 cents per share late Monday, which was 3 cents wider than the consensus estimate.
Revenue plunged 54% year over year to $119.2 million. The performance, however, matched Wall Street expectations and the company’s April guidance of $110 million to $125 million.
The company also said bookings rose 43% from the first quarter to $111.2 million, while shipments grew 30% to $120 million.
Novellus CEO Richard Hill offered a bullish third-quarter outlook in a conference call with analysts. He said the company is likely to post a loss of 15 cents per share to break-even on revenue of $150 million to $180 million.
Analysts, on average, are expecting a loss of 23 cents per share, which has improved by 2 cents over the past month.
Meanwhile, the full-year consensus estimate has moved up by 9 cents over the past 2 months and is now pegged at a loss of $1.22 per share.
NVLS, a Zacks #3 Rank (“Hold”) stock, has advanced more than 1.6% on higher-than-usual volume of about 5.4 million, against the average daily volume of approximately 3.8 million.
“NVLS” Free Stock Analysis: Buy? Sell? Hold?
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