NEW YORK (TheStreet) -- Ultra Clean Holdings (UCTT) stock is sinking in extended trading Monday after the company missed earnings estimates in its first quarter and second-quarter guidance came in lower than expected.
After the bell, shares had taken off 15.2% to $10.02.
Over the three months to March, the company earned 27 cents a share, 3 cents lower than analysts surveyed by Thomson Reuters had forecast.
The technology company beat expectations on its top-line with revenue of $144.2 million 43.5% higher year over year and coming in higher than an anticipated $137.56 million.
"Results for the last quarter were mixed for UCT, "said CEO Clarence Granger in a statement. "We had our best revenue results ever and we exceeded our revenue guidance for the quarter. However, our gross margins for the quarter were lower than expected when we compare this quarter to what we achieved in the previous quarter.
Gross margins fell to 16.2% from 17.1% in the previous quarter.
For its June-ending second quarter, management guided for revenue between $128 million and $133 million and earnings of 18 cents to 21 cents a share.
Analysts expected $132.33 million in second-quarter revenue and 26 cents a share in net income.
TheStreet Ratings team rates ULTRA CLEAN HOLDINGS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation: