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What: Shares of Newport (NAS: NEWP) are getting crushed by as much as 18% after the company reported earnings that fell short of analyst expectations.
So what: First-quarter revenue ended up at $157.2 million, shy of the $160.9 million estimate. Net income came out at $6.6 million, or $0.17 per share, also short of what investors were expecting. The company also recently closed its acquisition of ILX Lightwave.
Now what: The company saw record new orders of $186.1 million, with a backlog scheduled to ship within 12 months of $174.9 million. Newport expects second-quarter demand to be about what it was in the first quarter, with similar financial results. The second half of the year is expected to see sales growth between 7% and 12%. Needham & Company says buy the dip, and thinks shares are headed to $21.
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