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Ultratech (UTEK) 4Q Earnings Rise 19.7 Pct, Beat Estimates

 January 31, 2013 11:57 AM
 


(By Balaseshan) Ultratech Inc. (NASDAQ: UTEK), a supplier of photolithography and laser thermal processing equipment, reported a 19.7% growth in quarterly earnings on higher systems sales and an increase in gross margins. Results exceeded Street's expectations.

Earnings for the fourth quarter were $13.37 million or $0.48 per share, up from $11.17 million or $0.42 per share last year.

Total net sales grew 17% to $65.59 million.

Analysts, on average, polled by Thomson Reuters had expected a profit of $0.47 per share on revenue of $62.58 million for the fourth quarter.

In the previous third quarter, the company posted earnings per share of $0.45 on net sales of $60.5 million.

[Related -Mixed Session With Weak Technicals]

Systems sales increased 12.4% to $53.37 million, while parts sales more thanb doubled to to $7.47 million. Service sales decreased 2.5%.

Gross margin for the fourth quarter rose to 56.7% from 53.0%.

Research, development and engineering expenses were 35% higher than last year, while selling, general, and administrative expenses rose 19.3%.

At December 31, 2012, Ultratech had $302.5 million in cash, cash equivalents and short-term investments. Working capital was $349.5 million and stockholders' equity was $13.85 per share based on 27.09 million total shares outstanding as of December 31, 2012.

UTEK is trading up 0.43% at $39.39 on Thursday. The stock has been trading between $25.07 and $39.99 for the past 52 weeks.

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