Why Ultratech Popped
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What: Shares of Ultratech (NAS: UTEK) popped by upwards of 12% after the company reported first-quarter earnings.
So what: Revenue rose by 5% to $49.6 million, while earnings added up to $0.38 per share. Sales narrowly topped the $47.5 million expectation, while profits posted a healthy beat compared with the $0.28 estimate.
Now what: CEO Arthur Zafiropoulo cited strong performance in the company's 28-nanometer laser annealing products and said the company also benefited from increasing production capacity in its Singapore facility. Systems sales remained the bulk of revenue, with parts, service, and license playing smaller roles. The company finished off the quarter with $239.1 million in cash and equivalents on the books.
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