Orbotech 1Q profit dips on lower revenue, higher costs

MarketsAssociated Press

Orbotech Ltd. reported a dip in first-quarter profit on lower revenue and higher costs.

The Yavne, Israel-based company reported a 5.8 percent drop in profit to $14.9 million, or 31 cents per share. Earnings, adjusted for one-time gains and costs, came to 46 cents per share.

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The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share, though seven analysts polled by Factset expected profit of 46 cents per share.

The equipment maker for electronics manufacturers reported a 1.5 percent drop in revenue to $187.6 million in the period. Three analysts surveyed by Zacks expected $187.5 million.

For the current quarter ending in July, Orbotech said it expects revenue in the range of $200 million to $210 million.

Orbotech shares have fallen slightly more than 1 percent since the beginning of the year. The stock has increased 37 percent in the last 12 months.

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Elements of this story were generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on ORBK at https://www.zacks.com/ap/ORBK

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Keywords: Orbotech, Earnings Report