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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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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.