AP NEWS

KLA: Fiscal 1Q Earnings Snapshot

October 30, 2019 GMT

MILPITAS, Calif. (AP) _ KLA Corporation (KLAC) on Wednesday reported fiscal first-quarter net income of $346.5 million.

The Milpitas, California-based company said it had net income of $2.16 per share. Earnings, adjusted for costs related to mergers and acquisitions, were $2.48 per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.20 per share.

The maker of equipment for manufacturing semiconductors posted revenue of $1.41 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $1.35 billion.

KLA shares have increased 93% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 22%. In the final minutes of trading on Wednesday, shares hit $172.96, a rise of 89% 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 KLAC at https://www.zacks.com/ap/KLAC