Intevac slides on Q2 guidance
Shares of Intevac Inc. (Nasdaq: IVAC) were down in after-hours trading today after the company announced second-quarter earnings guidance below analysts’ estimates.
For the first quarter ended March 31, the Santa Clara, Calif.-based disk sputtering equipment supplier reported net income of $9.8 million, or $0.44 per diluted share, on revenue of $76.4 million.
Six analysts polled by Thomson First Call had estimated earnings per share of $0.38 on revenue of $73.5 million.
In a conference call today, according to Reuters, the company forecast second-quarter earnings per share of $0.33 cents to $0.40 cents, including $0.04 cents per share of stock-based compensation expense, on revenue of $69 million to $75 million.
Analysts were expecting earnings per share of $0.43 on revenue of $72.9 million for the quarter ended June 30.
Intevac’s stock was trading down $2.49, or nearly 10%, to $21.91 today. It has traded as low as $14.66 – on Sept. 7, 2006 – and as high as $30.78 – on Feb. 21 – in the past year.
During the first quarter, Intevac acquired DeltaNu LLC of Laramie, Wy., for an undisclosed amount.
DeltaNu is operated as a wholly owned subsidiary of Intevac and has remained based in Laramie.
Today, the company said Delta Nu “is executing ahead of plan.”
Earlier this month, on April 18, Goldman Sachs downgraded Intevac’s stock to “Sell” from “Neutral.”
