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Novellus Systems 1Q Net Down 54% As Revenue Falls

DOW JONES NEWSWIRES Novellus Systems Inc.'s (NVLS) first-quarter earnings fell 54% as revenue continued to decline amid weakness in the semiconductor industry. Novellus is being acquired by Lam Research Corp. (LRCX) in a stock deal that values Novellus at about $3.3 billion. Both companies make products that help design and wire chips for specific functions. Novellus mainly supplies technology that deposits layers of film on semiconductors. Lam focuses on an adjacent step in the manufacturing process--etching the film to create features that define functions. Customers include large chip makers like Intel Corp. (INTC) and Samsung Electronics Co. (005930.SE, SSNHY). Novellus grew more cautious late last year as renewed concerns about the economy caused customers to postpone orders, but shipments and bookings rose sequentially in the latest period. Novellus reported a profit of $44.4 million, or 59 cents a share, down from $96.4 million, or $1.04 a share, a year earlier. Excluding merger-related costs and other impacts, per-share earnings were 61 cents. Revenue slipped 21% to $326.7 million. In February, the company had forecast earnings of 50 cents to 65 cents a share on revenue between $300 million and $330 million. Gross margin narrowed to 47.3% from 50.4%. Shipments rose to $319.2 million, a 15% increase from the prior quarter. Bookings were $361.7 million, up 26% sequentially. Shares closed at $47.03 Wednesday and were unchanged after hours. The stock is up 14% since the start of the year. -By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; [email protected]

Stock News for Intel (INTC)
DateTimeHeadline
01/21/201703:02:00Apple Sues Qualcomm Over Chips -- WSJ
01/20/201720:31:00Apple Sues Qualcomm Over Licensing Practices -- 2nd Update
01/20/201717:12:00Correction to inauguration donors article
01/13/201718:46:32Statement of Changes in Beneficial Ownership (4)
01/12/201709:00:00Tom Brady Stars in Intel Commercial Airing During Super Bowl...
01/11/201714:31:00Computer Chips Evolve to Keep Up With Deep Learning
01/06/201708:08:00CES 2017 Is Offering New Tech for Smarter Living & Autonomous...
01/05/201718:53:20Statement of Changes in Beneficial Ownership (4)
01/04/201721:12:00Intel Jump Starts CES 2017 With News and Experiences
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01/04/201716:33:23Statement of Changes in Beneficial Ownership (4)
01/04/201709:45:00BMW Group, Intel and Mobileye Will Have Autonomous Test Vehicles...
01/04/201703:02:00Intel Buys Into Auto Technology -- WSJ
01/03/201720:44:00Correction to Qualcomm Article
01/03/201718:51:00Qualcomm Looks Beyond Smartphones With New Chip -- Update
01/03/201717:29:00Qualcomm Looks Beyond Smartphones With New Chip
01/03/201714:30:00Intel Buying 15% Stake in Here, German Auto Makers' Digital-Map...
01/03/201713:00:00Intel to Acquire 15 Percent Ownership of HERE
01/03/201711:10:00Intel Seeks Approval to Invest in German Auto Makers' Digital-Mapping...
01/03/201706:45:00Intel Seeks Approval to Buy Stake in HERE

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