WASHINGTON (dpa-AFX) - Shares of Ultratech Inc. (UTEK) are currently down 13 percent after its profit and revenues for the first quarter fell short of Street expectations. However, the San Jose, California-based semiconductor equipment maker's profit for the quarter increased from a year ago, on higher revenues.
Ultratech's profit for the first quarter improved to $13.7 million or $0.48 per share from last year's $10.2 million or $0.38 per share. However, analysts polled by Thomson Reuters had a consensus estimate of $0.49 per share for the quarter. Analyst estimates typically exclude one-time items.
Revenues for the quarter grew to $60.64 million from $49.57 million a year ago. The Street, however, expected Ultratech to post revenues of $65.29 million for the period.
Commenting on the results, Chief Executive Arthur Zafiropoulo said, 'Through focused execution we achieved bottom line results in line with our expectations for the first quarter of 2013.'
Zafiropoulo said the company expects market conditions to improve as a result of anticipated increases in semiconductor capital equipment spending in the second half of the year.
UTEK is currently trading at $31.60, down $4.78 or 13.14%, on a volume of 1.6 million share, above the three-month average of 0.3 million.
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