Technology company Newport Corporation (NEWP) Wednesday reported fourth-quarter net income of $34.5 million or $0.90 per share, higher than $15.2 or $0.40 per share last year.
Excluding items, adjusted net income was $9.6 million or $0.25 per share compared to $15.4 million or $0.40 per share last year.
On average, 7 analysts polled by Thomson Reuters expected the company to earn $0.34 per share of the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the quarter increased 21.1 percent to $160.9 million last year from $132.8 million. Analysts expected revenues of $161.12 million for the quarter.
In the quarter, new orders received increased 15.8 percent. Orders and sales in all end markets, except microelectronics, increased in the quarter. Microelectronic sales declined primarily due to impact of industry-wide slowdown on the company's semiconductor equipment customers.
Looking forward to the first quarter of 2012, the company expects sales to be similar to the $160.9 million in the completed fourth quarter. Analysts expect revenues of $156.62 million for the quarter.
Robert Phillippy, Newport's CEO, said, "We expect that our first quarter operating income will be in the range of 7 percent to 8 percent of sales, which will include $4.2 million of incremental amortization of intangibles, or approximately 2.6 percent of sales. Going forward, with increasing revenue and future synergies anticipated from our recent acquisitions, we expect our sales and profit to grow sequentially in each of the remaining quarters of 2012."
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