IRVINE, Calif., May 3, 2011 — Newport Corp. reported record results for the first quarter of 2011, suggesting its strong recovery in 2010 is set to continue for some time.
The company posted first quarter sales of $128.4 million, with net sales at more than $20.8 million. That’s four times more than the $5.1 million in net sales posted in the first quarter of 2010.
A rise in demand for semiconductor manufacturing equipment has been crucial to the company’s performance, with sales in microelectronics applications making up $41.6 million.
Robert Phillippy, Newport’s CEO, said the company achieved a long-standing financial goal — reaching a gross margin figure of 45 percent. He predicted second quarter sales will hit between $128 million and $132 million.
The company’s long-term goal of delivering 20 percent compound annual growth over the next several years implies fiscal 2013 revenues could reach close to $750 million.
Analyst Mark Douglass at Longbow Research said, “We see continued upside to earnings as Newport has turned the corner towards more reliable profitability and should benefit from increased semiconductor capital equipment, life science and industrial demand.”
For more information, visit: www.newport.com