U.S. Markets closed

Ultra Clean tops Street 1Q forecasts

HAYWARD, Calif. (AP) _ Ultra Clean Holdings Inc. (UCTT) on Wednesday reported first-quarter net income of $14.3 million, after reporting a loss in the same period a year earlier.

The Hayward, California-based company said it had profit of 42 cents per share. Earnings, adjusted for amortization costs and pretax expenses, came to 47 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.

The chipmaking equipment services company posted revenue of $204.6 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $192.1 million.

For the current quarter ending in July, Ultra Clean expects its per-share earnings to range from 49 cents to 55 cents.

The company said it expects revenue in the range of $210 million to $220 million for the fiscal second quarter.

Ultra Clean shares have risen 81 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $17.51, more than tripling 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 UCTT at https://www.zacks.com/ap/UCTT

_____

Keywords: Ultra Clean Holdings, Earnings Report