Nanometrics Inc Earnings: Here’s Why Shares are Down Now
Nanometrics Incorporated (NASDAQ:NANO) had a loss and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.29%.
Nanometrics Incorporated Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.22 in the quarter versus EPS of $0.12 in the year-earlier quarter.
Revenue: Decreased 55.85% to $24.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Nanometrics Incorporated reported adjusted EPS loss of $0.22 per share. By that measure, the company beat the mean analyst estimate of $-0.27. It missed the average revenue estimate of $26.45 million.
Quoting Management: President and chief executive officer Dr. Timothy J. Stultz said, “As expected, the first quarter was challenging due to limited capital spending by our largest customers. The quarter however had some important bright spots, including competitive wins, increased traction of our UniFire and SPARK products, and adoption of our process control solutions for forthcoming technology inflection points such as 3D memory, 450mm wafer manufacturing and EUV lithography. These bright spots are evidence of continued performance toward our key strategic initiatives, which include strengthening our position with our key customers, increasing our engagements with new customers and applications, and gaining share in additional segments of process control. Looking forward, we see a significant improvement in revenues coming off a low first quarter, and continue to expect a stronger second half 2013. More importantly, the growing number of customer engagements, new applications and increasing market penetration are collectively pointing to an even higher level of business going into 2014.”
Key Stats (on next page)…