Boston, MA 04/30/2014 (wallstreetpr) – Kulicke and Soffa Industries Inc. (NASDAQ:KLIC) witnessed a record surge in its shares as the semi-conductor and power module device company reported an above par second quarter financial performance and projected a stronger revenue guidance for the year. On Tuesday, the shares of the company closed $13.63.
First Quarter Review
The net revenue during the quarter rose 7.6% to $114.2 million year-over-year, while the net income came in at $9.1 million or $0.12 on a diluted per share basis. The results compare against analysts’ estimates of $0.11 per share on revenue of $115 million. The gross margin for the quarter stood at 50.5%.The company said that its robust gross margins were driven by solid contributions from wedge bonding and stud bumping tools as well as its service solutions. For the third fiscal quarter of the year 2014, the company estimates revenue to fall in the range of $165 million to $175 million. The projections come stronger than estimated by the analysts, which is of $154.42 million.
Kulicke and Soffa Industries Inc. (NASDAQ:KLIC)’s President and Chief Executive Officer made a comment during the conference that during the quarter the company witnesses strong demand in the majority of serviced markets and anticipate the current trend to extend to the June quarter as well. The company looks forward with a great optimism as it remains concentrated in augmenting its core market positions and develop in adjoining areas through organic progression and follow external growth opportunities.
About Kulicke & Soffa (KLIC)
Kulicke and Soffa Industries Inc. (NASDAQ:KLIC) is a worldwide pioneer in the development and production of semiconductor along with LED assembly equipment. As a leader in the industry, K&S has facilitated its customers with packaging solutions for decades. In recent years, K&S has stretched its product offerings by way of strategic takeovers, adding wedge bonding and a wider range of dispensable tools to its basic ball bonding products.