LTX-Credence shares down on weak 3Q

LTX-Credence's 3Q results and 4Q forecast disappoint investors

Associated Press

NORWOOD, Mass. (AP) -- LTX-Credence Corp. narrowed its fiscal third-quarter loss on improved revenue, but semiconductor equipment testing company's results and its fourth-quarter forecast missed market expectations. The news sent its shares down in trading Wednesday.

The company, based in Norwood, Mass., posted a loss of $4.7 million, or 10 cents per share, for the quarter. That's compared to a loss of $6.6 million, or 14 cents per share, in the same quarter last year. After adjusting for restructuring costs and other items, its loss per share narrowed to 8 cents from 10 cents.

LTX-Credence's net revenue increased to $36.3 million from $30.8 million.

Analysts polled by FactSet expected LTX-Credence to lose 6 cents per share on revenue of $38.2 million.

Dave Tacelli, the company's CEO and president, said that changes in the sales volume of some of its customers' new products has hurt the company in the short term but it expects sales to pick up in the second half of the year.

LTX-Credence said that it expects a loss of 5 cents to 9 cents per share on an adjusted basis for its fourth quarter with revenue between $36 million and $40 million. Analysts had forecast earnings of 4 cents per share on revenue of $44.5 million, on average.

Shares fell nearly 3 percent to $5.88 in midday trading and are near the bottom of their 52-week trading range of $5.05 to $7.12.

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