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KLA Corporation tops FQ2 estimates but shares drop on soft guidance
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© Reuters. KLA Corporation (KLAC) tops FQ2 estimates but shares drop on soft guidance
KLA Corporation (KLAC) reported strong financial results for its second fiscal quarter, although shares fell on a soft outlook for the current quarter.
KLAC was down 6.5% in pre-market Friday.
The company posted Q2 earnings per share (EPS) of $6.16, exceeding the consensus estimate of $5.89. Additionally, the quarterly revenue stood at $2.49 billion, outperforming the consensus estimate of $2.45 billion.
“KLA’s December quarter results were ahead of our expectations and capped a solid year that included strong relative margins and free cash flow growth despite a persistently soft market,” said Rick Wallace, president and CEO, KLA Corporation.
Looking ahead, KLA anticipates Q3 EPS in the range of $4.66 to $5.86, with the midpoint easily below the consensus of $5.85.
The revenue outlook for Q3 is projected to be between $2.175 billion and $2.425 billion, compared to the consensus estimate of $2.46 billion.
“While market conditions remain challenging in the near-term, with limited visibility regarding the timing of a resumption in sustainable demand, we believe our business has stabilized around current revenue levels.”
Morgan Stanley analysts lifted the price target on KLAC.
“We are cautious on semicap generally but do see KLA as a safer port in a storm,” the analysts said.
Read the full article here
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