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Intevac tops Street 1Q forecasts

SANTA CLARA, Calif. (AP) _ Intevac Inc. (IVAC) on Monday reported first-quarter net income of $1.8 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Santa Clara, California-based company said it had net income of 8 cents.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 4 cents per share.

The producer of manufacturing equipment used in the disk drive, solar, semiconductor and photonics industries posted revenue of $30.4 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $28.6 million.

Intevac shares have climbed 50 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $12.80, more than doubling in the last 12 months.


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


Keywords: Intevac, Earnings Report