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Automated optical inspection equipment manufacturer Orbotech Ltd. (Nasdaq: ORBK) lowered its full-year guidance after reporting lower revenue and profits for the third quarter, although it beat the analysts' consensus. Revenue fell 7.5% to $144.4 million for the third quarter of 2011 from $156.1 million for the corresponding quarter of 2010.
GAAP-based net profit fell to $14.7 million ($0.34 per share) for the third quarter from $16.1 million for the corresponding quarter, and non-GAAP net profit fell 9% $18.6 million ($0.42 per share) from $23.8 million. The company beat the analysts' consensus of $0.35 earnings per share on $143.8 million revenue.
In its full-year guidance, Orbotech predicts $1.36-1.40 earnings per share, and lowered its revenue guidance to $570 million from $573.8 million. The earnings per share guidance is below the analysts' consensus of $1.43.
Explaining the lower guidance, Orbotech CEO Raanan Cohen said, “The existing global economic uncertainty has impacted commercial and consumer spending, causing a number of printed circuit board manufacturers to delay the receipt of new manufacturing equipment."
Cash flow from operations totaled $5 million. Obrotech CFO Doron Abramovitch said, "$20 million from two major customers arrived a few days after the end of the quarter." Orbotech had $288.8 million in cash and cash equivalents, after raising $97 million in a secondary offering in May, and $104 million in debt at the end of September.
Orbotech equipment sales to printed circuit board (PCB) manufacturers rose to $56.6 million in the third quarter from $42.4 million in the corresponding quarter, but equipment sales to the flat panel display (FPD) manufacturers fell 38% to $49.6 million from $80.5 million.
Orbotech's share price fell 5.4% yesterday to $10.08, giving a market cap of $434 million.
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