NEW YORK (TheStreet) -- Shares of KLA-Tencor  (KLAC)  were gaining on heavy trading volume after-hours Thursday after the company reported better-than-expected fiscal 2017 first-quarter results. 

After today's market close, KLA posted earnings of $1.16 per diluted share, beating analysts' estimated $1.03 per share. 

Revenue came in at $751.0 million, above Wall Street's projected $733.8 million. 

For the same period last year, the Milpitas CA-based semiconductor solutions provider earned $1.04 per diluted share on revenue of $733 million. 

KLA CEO Rick Wallace said in a statement that the company's 2017 first-quarter results were fueled in part by "strong customer acceptance" of new products.

More than 3.05 million of the company's shares changed hands so far today vs. its average 30-day volume of 2.54 million shares.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

The team rates KLA-Tencor as a Buy with a ratings score of B. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, expanding profit margins, good cash flow from operations and solid stock price performance. The team feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

You can view the full analysis from the report here: KLAC

KLAC Chart KLAC data by YCharts