Novellus Systems ( NVLS) topped analyst targets for its top and bottom lines late Wednesday but offered a weak outlook for the first quarter.

For the final quarter of the year, Novellus earned $42.6 million, or 34 cents share, doubling the $23 million, or 17 cents a share, it posted a year earlier.

Excluding certain items, Novellus earned $79 million, or 63 cents a share, jumping from $26.6 million, or 20 cents a share, in the same quarter last year. That handily beat the 55-cents-a-share estimate from a Thomson First Call survey of analysts.

Items for the fourth quarter included a $1.9 million pretax reversal of a previously recorded restructuring accrual, a tax charge of $46.1 million related to the implementation of a new global business structure and a $8.5 million tax benefit, Novellus said.

Quarterly sales hit $438.5 million, rising from $332.2 million in the same period last year and beating the average analyst target of $436.4 million.

For the first quarter, Novellus forecast EPS of 41 cents to 44 cents, short of the 50 cents a share that analysts expected.

The company's revenue projection also failed to meet Wall Street's outlook. Novellus estimates $395 million to $405 million in sales for the current quarter, while the consensus is for $420.1 million.

Shares of Novellus were recently up 19 cents in after-hours trading to $30.80.

More from Technology

Salesforce Is Hitting on All Cylinders as Shares Notch an All-Time High

Salesforce Is Hitting on All Cylinders as Shares Notch an All-Time High

Tuesday Turnaround in Politics: Is a Trade War on the Horizon?

Tuesday Turnaround in Politics: Is a Trade War on the Horizon?

FANG Stocks Get Swept Up in Broader Market Selloff

FANG Stocks Get Swept Up in Broader Market Selloff

Snap Shares Plunge After Cowen Cuts Price Target

Snap Shares Plunge After Cowen Cuts Price Target

Netflix Shares Hit All-Time High as Market Flounders

Netflix Shares Hit All-Time High as Market Flounders