Semiconductor equipment maker KLA-Tencor Corp. (KLAC) said Thursday after the markets closed that it swung to a fourth quarter profit, as revenue nearly doubled as a result of robust demand in each of the company's major end markets, geographies and product offerings. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations.
The Milpitas, California-based company reported GAAP net income for the fourth quarter of $113.1 million or $0.66 per share, compared to a GAAP net loss of $25.6 million or $0.15 per share for the year-ago quarter.
Excluding items, non-GAAP net income for the fourth quarter was $120.0 million or $0.70 per share, compared to a non-GAAP net loss of $14.6 million or $0.09 per share in the prior year quarter.
On average, 16 analysts polled by Thomson Reuters expected the company to earn $0.60 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Total revenue for the fourth quarter rose to $559.42 million from $281.50 million in the same quarter last year. Thirteen analysts had a consensus revenue estimate of $558.15 million for the fourth quarter.
Product revenue for the quarter increased to $430.3 million from $176.2 million a year ago, while service revenue grew to $129.1 million from $105.3 million last year.
For the fiscal year 2010, the company reported GAAP net income of $212.3 million or $1.23 per share, compared to a GAAP net loss of $523.4 million or $3.07 per share for the fiscal year 2009.
Non-GAAP for the fiscal year 2010 was $266.8 million or $1.54 per share, compared to a non-GAAP net loss of $37.5 million or $0.22 per share in the prior year.
Total revenues for the fiscal year 2010 rose to $1.82 billion from $1.52 billion in fiscal 2009.
Analysts expected the company to earn $1.44 per share on revenue of $1.82 billion for the fiscal year 2010.
Semiconductor gear makers had been in red due to a difficult semiconductor industry environment. During the recession, demand for manufactured electronic items continues to fall off coercing chipmakers to live through sinking sales. However, recent results have shown a marked improvement in new orders, signaling that the market may have gained momentum.
Another chip-gear maker Lam Research Corp. (LRCX) on Wednesday reported a swung to a fourth quarter profit, as revenue more than tripled and margins improved sharply amid market share gains.
KLA-Tencor shares, which have traded in a range of $26.69 to $37.71 over the past year, closed Thursday's regular trading session at $30.82, down 9 cents, and lost an additional 12 cents in after hours trading.
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