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Earnings Results: KLA stock rises as earnings, outlook top Street view

KLA Corp. shares rose in the extended session Wednesday after the chip-equipment maker’s quarterly results and outlook topped Wall Street estimates.

KLA
KLAC,
-0.41%

shares rose 3% after hours, following a 0.4% decline in the regular session to close at $340.57.

The company reported fiscal first-quarter net income of $1.07 billion, or $6.96 a share, compared with $420.6 million, or $2.69 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $4.64 a share, compared with $3.03 a share in the year-ago period.

Revenue rose to $2.08 billion from $1.54 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast $4.52 a share on revenue of $2.04 billion.

“KLA continues to outperform expectations despite significant supply-chain challenges by operating with purpose and precision and focusing on creating value for our customers, partners, and shareholders alike,” said Rick Wallace, KLA’s chief executive, in a statement.

KLA forecast earnings of $4.95 to $5.85 a share on revenue of $2.23 billion to $2.43 billion in the current quarter. Analysts had estimated $5.14 a share on revenue of $2.23 billion for the fiscal second quarter.

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