Shares of Brooks Automation Decline Despite Topping Estimates

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What happened

Shares of Brooks Automation (NASDAQ: BRKS), a worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences, are down 10% as of 11:00 a.m. EST after the company released first-quarter results.

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So what

Despite the stock price drop, the first quarter wasn't anything to shame. Revenue during the first quarter jumped 18.4% to $189.33 million, up from the prior year's $159.96 million. Its bottom line also moved higher from the year-ago $17.30 million, or $0.25 per share, to $22.50 million, or $0.32 per share -- that result was also higher than the $0.31 per share that analysts called for.

As CEO Steve Schwartz said in a press release:

Now what

Looking ahead, Brooks Automation estimates second-quarter revenue to check in between $195 million to $205 million and earnings per share between $0.33 and $0.41, which are solid figures. The reaction from investors seems a bit harsh, and even over the course of writing this article, the original 10% loss in share price has softened to a 6% decline.

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Daniel Miller has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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