Ultratech Plummets 12% On Weak Q2 Results - Update

(RTTNews) - Shares of Ultratech Inc. (UTEK) are currently down nearly 12 percent after reporting a plunge in profit for the second quarter, due mainly to a slump in revenues amidst higher expenses. Both profit and revenues for the quarter came in short of Wall Street expectations.

San Jose, California-based Ultratech' second-quarter profit declined to $0.9 million or $0.03 per share from $11.2 million or $0.41 per share last year. On average, six analysts polled by Thomson Reuters expected earnings of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.

The semiconductor equipment maker's sales for the three-month period dropped to $42.9 million from $59.1 million a year ago. Analysts had a consensus revenue estimate of $44.56 million for the quarter.

Selling, general, and administrative costs rose to $11.4 million from $11.1 million last year.

Ultratech's Chief Executive Arthur Zafiropoulo said "We believe the longer term prospects for our success remain firmly in place..." He also added that the company remains well-positioned to capture "a leading share of our target markets in the future."

UTEK is currently trading at $31.13, down $4.04 or 11.49%, on a volume of 1.9 million shares, on the Nasdaq.