What happened
Shares of Electro Scientific Industries (ESIO +0.00%) have jumped today, up 14% as of 3:15 p.m. EDT, after the company reported fiscal fourth-quarter earnings.
So what
Revenue in the fiscal fourth quarter came in at $49.9 million, which translated into a GAAP net loss of $17.9 million, or $0.54 per share. On a non-GAAP basis, net income was $2.9 million, or $0.09 per share. In a statement, CEO Michael Burger said the company's results exceeded expectations thanks in part to seasonally strong orders that resulted in the company's highest backlog in almost five years. Orders in the fourth quarter were $82.3 million.
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Now what
The company continues to make progress on its restructuring plan that was announced in February, which outlines plans to reorganize management from business units to functional structures, as well as some downsizing. Guidance for the fiscal first quarter calls for revenue in the "low $60 million range," with adjusted earnings per share of $0.15 to $0.20. The company expects to incur $1 million to $2 million in restructuring charges and $3.5 million to $4.5 million in inventory and asset impairments. Burger added that market conditions are improving and Electro Scientific faces "fewer headwinds" than a year ago.
