Ultratech Q2 Profit Surges

(RTTNews) - Ultratech Inc. (UTEK) Thursday announced second quarter net income of $2.6 million or $0.10 per share, up from $1.5 million or $0.06 per share last year. On an adjusted basis, earnings were $6.3 million.

On average, six analysts polled by Thomson Reuters expected the company to earn $0.22 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased to $48.9 million from $45.9 million in the previous year. Wall Street expected $48.56 million.

Arthur Zafiropoulo, chairman and chief executive officer of the company said, "We continue to benefit from positive trends related to the extension of the 28-nm node and the expansion of fan-out packaging technologies to manufacture semiconductor chips. With order momentum and positive leverage in our model, we remain well-positioned to take advantage of the current up-cycle in our industry and anticipate strong growth in the second half of 2016."