KLA-Tencor Tops Forecasts

The chip-equipment outfit's earnings beat by 3 cents a share.
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KLA-Tencor's

(KLAC) - Get Report

second-quarter earnings dropped sharply from a year earlier, but results still managed to beat Wall Street estimates.

The San Jose, Calif., chip-equipment maker reported net income of $77 million, or 38 cents a share, for the quarter ended Dec. 31, down from $122 million, or 61 cents a share, a year earlier.

Excluding stock compensation costs, earnings would have been $102 million, or 50 cents a share. Analysts polled by Thomson First Call expected earnings of 47 cents a share on this basis.

Revenue also topped projections, coming in at $488 million. In October, KLA-Tencor had forecast a top line of $455 million to $470 million, at the time disappointing Wall Street, which had higher expectations. Analysts' most recent projection called for revenue of $469 million.

The company ended the quarter with about nine months of product-related shipment and revenue backlog.

KLA-Tencor's shares recently traded down 43 cents to $53.58 in late trading after gaining $1.70, or 3%, in the regular session.