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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
03/23/201718:41:09Initial Statement of Beneficial Ownership (3)
03/23/201718:25:43Initial Statement of Beneficial Ownership (3)
03/23/201718:10:00Correction to Intel New Drives Story on March 19
03/23/201709:18:20Current Report Filing (8-k)
03/23/201709:05:00Intel Declares Quarterly Cash Dividend
03/23/201709:00:00Intel Elects Two New Members to Board of Directors
03/21/201714:55:00Intel Tips Off NCAA® March Madness® with Multiyear Exclusive P...
03/19/201712:23:00Correction to Chip Designers Story
03/19/201706:29:00Intel Looks to Gain From Data Explosion With New Drives
03/16/201708:08:00Watch now: BizWireTV Spotlights a Big Debut at This Year’s S...
03/16/201703:02:00Intel Deal Faces Stiff Test -- WSJ
03/15/201718:44:16Statement of Changes in Beneficial Ownership (4)
03/15/201712:51:00Deal for Mobileye Puts Intel's Spotty Record of Big Acquisitions...
03/15/201703:02:00Big Tech Reshapes Automotive Sector -- WSJ
03/14/201714:49:00Intel Deal for Mobileye Fuels Israel's Drive to Become Automotive...
03/14/201708:35:00Wind River Transforms Future of Industrial IoT with Breakthrough...
03/14/201707:24:00Big Tech Reshaping Auto Supply Chain With Latest Deals
03/14/201707:06:00Today's Top Supply Chain and Logistics News From WSJ
03/14/201703:02:00Intel Joins Race for 'Servers on Wheels' -- WSJ
03/13/201717:26:54Current Report Filing (8-k)

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