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What: Shares of semiconductor capital equipment manufacturer FSI International (Nasdaq: FSII) was riding high today, gaining as much as 18% in intraday trading after a better-than-expected earnings report.

So what: For its fiscal second quarter, FSI reported sales of $30.8 million, up 63% from last year and only slightly short of analysts' $30.9 million target. The company's bottom line expanded by leaps and bounds, going from $0.02 in the 2010 quarter to $0.13. The latter figure easily topped the $0.10 in per-share profit that Wall Street was looking for.

Now what: I'm actually a bit surprised at the strong reaction to the earnings report since FSI's guidance wasn't particularly bullish compared to current expectations. The company only said that revenue would "exceed $30 million" while the midpoint of the net income guidance would imply -- based on current share count -- earnings per share of $0.13. Current analyst estimates are for $0.14 in earnings per share on $32 million in revenue.

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