KLA (KLAC) Shows Growth, Still Lags Behind the Year-Ago
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KLA-Tencor Corporation (Nasdaq: KLAC) reported first-quarter earnings for the fiscal year 2010 of 15 cents per share, 13 cents better than the analyst consensus of 2 cents. Revenue for the quarter was $343 million, beating the market estimate of $332.3 million.
Both revenue and earnings per share were up over the fourth quarter of 2009 for KLA-Tencor, however were down from the year-ago quarter.
Revenue was up from the $282 million in the last quarter, while being down from the $533 million in the same quarter last year. Earnings per share for the Company moved up from a loss of 9 cents per share in the last quarter, while down from 32 cents in the year-ago quarter.
"KLA-Tencor delivered stronger-than-expected results and returned to profitability in the first quarter of fiscal 2010, led by a sharp increase in demand from foundry customers," commented Rick Wallace, President and Chief Executive Officer of KLA-Tencor. "Our results were also favorably impacted by a one-time non-operating gain and by a lower than normal tax rate."
Deutsche Bank has maintained a Hold rating on KLA-Tencor citing acceleration in technology upgrade cycles; however the Company is seeing a longer and deeper downturn in memory, along with a loss in market share. The Company's new reticle inspection tool increased in demand over the quarter, however the analysts with Deutsche Bank believe that this demand will not be sustainable in the coming quarters.
Share rose 0.7 percent on the reported results yesterday after close. KLA-Tencor is currently at $34.28 before the market opens.
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