Newport Corp. climbs on raised guidance
Newport Corp. (Nasdaq: NEWP) shares are climbing after the Irvine, Calif.-based firm said it projects its fourth-quarter earnings to exceed its previous guidance range of $0.16 to $0.20 per share.
The firm expects revenue to be in the upper range of between $110 million and $115 million. Wall Street analysts, on average, expect the firm to post a fourth-quarter profit of $0.18 per share on $112.8 million in revenue.
Newport said it expects the new fourth-quarter orders it received to be in the range of $128 million to $130 million, exceeding its previous expectation of about $110 million to $115 million.
"The momentum we are generating in our markets will allow us to begin the new year with a strong backlog and will position us well for a return to revenue growth in 2008,” CEO Robert J. Phillippy said in a statement.
In morning trading, NEWP shares are up 12.26%, or $1.49, at $13.64. Over the last 52 weeks, shares have ranged from $11.85 to $20.90.
