NEW YORK (TheStreet) -- Kulicke & Soffa Industries (KLIC) rose 11.39% to $12.03, up $1.23 from its previous close of $10.80, at the close of the trading day on Tuesday after the semiconductor assembly equipment manufacturer reported its first-quarter earnings results.
The stock hit a high of $12.07 and a low of $11.29 for the day on volume of 2,367,032, well above its average of 870,777. It has a one-year high of $13.70 and a one-year low of $10.08.
Kulicke & Soffa reported net revenue of $79.1 million for the quarter that ended on Dec. 28, 2013. That represents a 30.6% increase from the same period a year earlier and a 54.4% increase from the fourth quarter. Gross profit was $38.4 million, a 25.5% year-over-year increase and a 52.5% increase from the fourth quarter. Diluted earnings per share was 3 cents, a 160% increase from the same period one year earlier and a 107.7% increase from the fourth quarter.
The company also reported that it expects net revenue for the second quarter, which ends on March 29, to fall in the range of approximately $110 million to $120 million.
"According to Gartner and VLSI Research, 2014 and 2015 semiconductor unit growth forecasts are anticipated to significantly outpace the prior two calendar years," said president and CEO Bruno Guilmart in the company's statement. This positive market outlook combined with our operational model, growing balance sheet, core market strength and ongoing investments in advanced packaging allows us to look ahead with continued optimism."
TheStreet Ratings team rates KULICKE & SOFFA INDUSTRIES as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: