SAN JOSE, Calif.--Novellus Systems Inc. Thursday (May 27) raised its forecast for the second quarter of 2004, amid strong demand for its semiconductor-equipment products, according to a report from Reuters.
Novellus expects to earn $0.25-to-$0.27 cents a share, excluding items, on revenue of $325-to-$335 million, according to the report. Orders are now expected to be $380-to-$390 million, with the figure possibly reaching more than $400 million, according to the report.
Before the announcement, SG Cowen Securities Corp. expected orders to range from $370-to-$390 million in Q2, up 8-to-10 percent over Q1. Sales were supposed to range $305-to-$325 million in the period.
Last month, Novellus said its first quarter sales were $262.9 million, up 16.0 percent from $226.5 million in the previous quarter, and up 10.3 percent from first quarter 2003 net sales of $238.4 million. The net income for the quarter was $16.7 million, or $0.11 per diluted share, compared with fourth quarter 2003 net income of $10.5 million, or $0.07 per diluted share, and first quarter 2003 net income of $11.9 million, or $0.08 per diluted share.
"Novellus is well positioned, especially in copper related applications," according to SG Cowen.