Novellus' Outlook Falls Short

Updated from 4:41 PM EST

SAN FRANCISCONovellus Systems(NVLS Quote) delivered a financial outlook Wednesday that was significantly below Wall Street expectations.

The semiconductor capital equipment maker projected that sales in the current quarter will range between $315 million and $325 million, compared with the average analyst forecast of $356 million.

In a post-earnings conference call, Novellus CEO Richard Hill said that revenue in the first-quarter would fall short of the company's actual shipments, as "a large number of new products that will be shipped to customers for the first time require us to defer any revenue recognition until accepted." ...