Novellus Tops First-Quarter Estimate

Chip equipment maker Novellus Systems (NVLS Quote) on Monday said it earned 62 cents a share in the first quarter excluding certain items, beating analysts' expectations.

According to Thomson Financial/First Call, analysts had expected earnings of 61 cents a share. The San Jose, Calif., maker of equipment used in semiconductor fabrication said that including a $13.2 million charge for merger-related costs, earnings per share were 55 cents. A year earlier the company earned 17 cents a share and it earned 68 cents a share in the fourth quarter.

Revenue, meanwhile, rose to $458.7 million in the first quarter from $220 million a year earlier and from $442.7 million in the fourth quarter. ...