Why Electro Scientific Shares Popped
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What: Shares of Electro Scientific popped briefly today, up by 11% at the high, after the company reported earnings.
So what: Revenue in the fiscal fourth quarter totaled $39.6 million, which translated into a non-GAAP net loss of $1 million, or $0.03 per share. Both figures came out better than expected, as consensus estimates were calling for $38.1 million in revenue and an adjusted loss of $0.07 per share.
Now what: CEO Nick Konidaris said the company continues to progress along its restructuring and focus on laser microfabrication, which should make Electro Scientific leaner and more focused. The company has received its first orders for a new DiamondBlaze series of glass cutting systems, and total orders during the quarter were $44.1 million. Revenue in the coming quarter is expected to be in the "mid to high" $40 million range. Noble Financial has upgraded shares from "hold" to "buy" with a $15 price target.
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The article Why Electro Scientific Shares Popped originally appeared on Fool.com.Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.