Novellus Systems Inc. (NVLS: Quote) reported first-quarter net income of $44.4 million or $0.59 per share, compared to $96.4 million or $1.04 per share in the previous year period.
Net income excluding certain charges and benefits dropped to $45.99 million or $0.61 per share from $96.47 million or $1.04 per share in the comparable quarter last year. On average, 15 analysts polled by Thomson Reuters expected earnings of $0.61 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the first quarter dropped to $326.72 million from $413.19 million last year, while fourteen analysts estimated revenues of $316.21 million for the quarter.
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by RTT Staff Writer
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