SAN JOSE, Calif. (AP) — Technology equipment maker Novellus Systems Inc. said Wednesday that its third-quarter net income fell by a third as sales slowed due to lower capital spending by companies.
Net income in the three months to Sept. 24 fell to $51.1 million, or 73 cents per share, from $76.3 million, or 82 cents per share, a year ago.
Excluding one-time charges and benefits, adjusted earnings came to 72 cents per share, beating the 68 cents per share expected by analysts polled by FactSet.
Revenue fell 16 percent to $306.7 million from $367.2 million, below the $311.3 million expected by analysts.
“The current global market volatility has affected capital intensive business investment but we are optimistic that the underlying demand for technology products will enable us to profitably ride through this period of uncertainty,” Richard S. Hill, Novellus’ chairman and CEO said in a statement.
Shares in Novellus rose 70 cents, or 2.2 percent, to $33.25 in after-hours trading, after closing down 20 cents at $32.55.