SAN JOSE, Calif. - Fab tool and materials suppliers posted mixed results for the quarter. KLA-Tencor and Varian beat the street, while MEMC missed.
KLA-Tencor Corp. reported its results for its fourth quarter and fiscal year ended June 30. KLA-Tencor reported GAAP net income of $113 million, or $0.66 per share, on revenues of $559 million for the fourth quarter of fiscal year 2010.
In the previous quarter, KLA-Tencor reported GAAP net income of $57 million, or $0.33 per share, on revenues of $478 million. In the like period a year ago, KLA-Tencor lost $26 million, or minus $0.15 per share, on revenues of $282 million.
The fab tool vendor beat Wall Street's estimates, which were $0.60 on sales of $558.15 million. For the year ended June 30, the company reported GAAP net income of $212 million and GAAP earnings per diluted share of $1.23 on revenues of $1.8 billion.
Varian Semiconductor Equipment Associates Inc. said revenue for the third quarter of fiscal year 2010 totaled $227.7 million, compared to revenue of $73.4 million for the same period a year ago. Varian Semiconductor recorded net income of $45.2 million, or $0.60 per diluted share during the third quarter of fiscal year 2010, compared to a net loss of $12.5 million, or $0.17 per diluted share for the same period a year ago.
Varian beat Wall Street's numbers, which were $0.60 on sales of $226.13 million.
On the materials front, MEMC Electronic Materials Inc. today announced its financial results for the second quarter ending June 30, 2010. Apparently due to its solar utility unit, MEMC missed Wall Street's estimates, which called for $0.09 a share on sales of $466.23 million in the quarter.
Net sales for the quarter were $448.3 million, up 2.4 percent from $437.7 million in the 2010 first quarter and up 58.5 percent from $282.9 million in the second quarter of 2009. Second quarter 2010 results include $30.7 million from the SunEdison business that was acquired in November 2009.
MEMC's net income for the 2010 second quarter was $13.8 million, or $0.06 per share, compared to a net loss of $9.6 million, or $0.04 per share, in the 2010 first quarter and a net income of $1.4 million, or $0.01 per share, in the 2009 second quarter.
Results in the 2010 second quarter include a non-cash benefit of $15.5 million, or $0.07 per share, resulting from the closure of the 2006 and 2007 IRS audits, and a non-cash $6.8 million loss, or $0.03 per share, associated with the valuation adjustment of the Suntech warrants.
Semiconductor materials sales for the 2010 second quarter were $249.6 million, an increase of 13.8 percent from first quarter 2010 net sales of $219.3 million and an increase of 71.4 percent from second quarter 2009 net sales of $145.6 million. Segment operating results swung to a profit of $24.3 million from a loss of $7.9 million in the 2010 first quarter and a loss of $47.2 million in the 2009 second quarter.
Solar materials sales for the 2010 second quarter were $168.0 million, an increase of 6.5 percent from first quarter 2010 net sales of $157.7 million and an increase of 22.4 percent from second quarter 2009 net sales of $137.3 million. Segment operating profit was $19.1 million in the second quarter of 2010, compared to $12.2 million in the first quarter of 2010 and $53.2 million in the second quarter of 2009.
SunEdison, which was recently acquired by MEMC, said sales for the second quarter were $30.7 million and operating loss was $4.4 million, compared to sales of $60.7 million and operating profit of $6.8 million in the first quarter of 2010. The sequential decrease in sales was a result of lower direct sales in the second quarter.
MEMC expects to exceed previous guidance for 2010 revenue of $1.75 billion to $1.85 billion. But it will generate EPS below the previously guided range of $0.70 to $0.80.