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AXT beats Street 4Q forecasts

FREMONT, Calif. (AP) _ AXT Inc. (AXTI) on Wednesday reported fourth-quarter net income of $2.2 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Fremont, California-based company said it had profit of 6 cents.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.

The semiconductor materials supplier posted revenue of $20.3 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $19.1 million.

For the year, the company reported net income of $5.6 million, or 17 cents per share, swinging to a profit in the period. Revenue was reported as $81.3 million.

AXT shares have increased 44 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $6.90, more than doubling in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AXTI at https://www.zacks.com/ap/AXTI

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Keywords: AXT, Earnings Report