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Shares of Ultra Clean Holdings Inc. (NASDAQ: UCTT) were up 12.7% as of 1:45 p.m. EDT after the critical subsystems and turnkey solutions designer announced stronger-than-expected first-quarter 2017 results.
Quarterly revenue climbed 82.3% year over year, to $204.6 million, and translated to adjusted net income of $15.9 million, or $0.47 per diluted share, up from an adjusted net loss of $0.1 million, or breakeven on a per-share basis in last year's first quarter. By comparison, analysts' consensus estimates called for lower adjusted net income of $0.42 per share on revenue of just $192.6 million.
IMAGE SOURCE: ULTRA CLEAN HOLDINGS.
According to Ultra Clean Holdings CEO Jim Scholhamer:
For the second quarter, Ultra Clean expects revenue of between $210 million and $220 million and adjusted net income per diluted share of $0.49 to $0.55. Here again, both ranges were well above Wall Street's estimates for second-quarter adjusted earnings of $0.33 per share on revenue of $183.3 million.
In the end, this is a cut-and-dried case of Ultra Clean Holdings exceeding expectations and following through with encouraging guidance. And it's no surprise to see Ultra Clean Holdings' stock up big today as a result.
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