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Intevac beats Street 3Q forecasts

SANTA CLARA, Calif. (AP) _ Intevac Inc. (IVAC) on Monday reported third-quarter net income of $1.2 million, after reporting a loss in the same period a year earlier.

The Santa Clara, California-based company said it had net income of 5 cents per share. Earnings, adjusted for non-recurring gains, came to 4 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was breakeven on a per-share basis.

The producer of manufacturing equipment used in the disk drive, solar, semiconductor and photonics industries posted revenue of $26.7 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $25.3 million.

Intevac shares have dropped almost 3 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $8.30, a rise of 47 percent 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 IVAC at https://www.zacks.com/ap/IVAC