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What: Shares of Newport (NASDAQ:NEWP) have jumped today by as much as 18%, after the company reported third quarter earnings.
So what: Revenue in the third quarter came in at $142.9 million, slightly below the market's forecast of $151.8 million. However, that didn't stop the company from trouncing the consensus estimates for the bottom line. Newport posted non-GAAP earnings per share of $0.35, topping the $0.18 per share profit that analysts were expecting.
Now what: Newport also paid down approximately $4.6 million in debt during the quarter, and is "ahead of schedule" in achieving its annualized cost savings of $15 million per year through integration synergies. CEO Robert Phillippy said the results were the highest in 2012, despite tough market conditions. The industrial manufacturing segment, in particular, grew particularly well.
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Evan Niu, CFA has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.