Electro Scientific posts 2Q profit, but sales weak

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PORTLAND, Ore. (AP) — Semiconductor testing equipment maker Electro Scientific Industries Inc. said Wednesday that it posted a second-quarter net profit, reversing a loss, as revenue rose but orders declined on worries about the economy.

Net income in the three months to Oct. 1 hit $8.5 million, or 29 cents per share, reversing a loss of $611,000, or 2 cents per share, a year ago.

Excluding certain items, adjusted earnings came to 32 cents per share, below the 36 cents expected by analysts polled by FactSet.

Revenue rose 37 percent to $81.9 million from $59.6 million, short of the $90 million expected by analysts.

The company said it expects third-quarter revenue around $50 million, far below the $73.4 million expected by analysts. It also expects adjusted earnings of break-even or a slight loss, also below the 20 cents per share expected by analysts.

CEO Nick Konidaris said in a statement that the uncertain economic environment caused customers to delay putting in orders.

Following the release of the earnings report, Electro Scientific’s shares fell $1.96, or 15.7 percent, to $10.55 in after-hours trading. They had closed the regular trading session up 14 cents, or 1.1 percent, at $12.51.