Novellus Systems’ Earnings Fall 41%
Novellus Systems Inc., whose equipment builds circuits in semiconductors, said profit fell 41% to $35.2 million, or 24 cents a share, as chip makers put off spending on new gear. The results, which exclude $71.3 million in one-time charges, matched the average estimate in a Thomson Financial/First Call analysts poll.
Sales rose 3.7% to $304 million. Orders totaled $124 million, missing the “worst-case estimate” given in August, Chief Executive Officer Rick Hill said.
Novellus shares fell $2.26 to $31.64 on Nasdaq before the results were released.
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