NEW YORK (AP) — Ultra Clean Holdings Inc. said Monday said that third-quarter its net income was sliced by more than half from a year ago as demand for its semiconductor equipment fell.
For the three months ended Sept. 30, the company earned $3.2 million, or 14 cents per share. That’s compared with $6.7 million, or 29 cents per share, in the year ago period.
Analysts on average expected a net income of 17 cents per share, according to FactSet.
Shares of Ultra Clean fell 47 cents, or 9.5 10 percent, to $4.50 in after-hours electronic trading after closing up 2 cents at $4.97 during the regular session
For the quarter, the company said sales fell to $105.3 million, from $118.5 million a year ago. Analysts had expected $107.1 million in the latest quarter.
Gross profit fell to $12.9 million, from $17.2 million. Total operating expenses eased slightly to $8.5 million, from $8.7 million.
CEO Clarence Granger said the company is in the process of streamlining its operations to remain profitable during the period of “market softness.”
Ultra Clean is based in Hayward, Calif. and makes supplies equipment for semiconductor makers.