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What: Shares of Ultratech (NASDAQ:UTEK) got ultra crushed today, down by 18% at the low, following a first-quarter earnings release that didn't meet expectations.
So what: Revenue in the first quarter totaled $60.6 million, which didn't stack up favorably to the $65.3 million in sales that investors were hoping for. Ultratech posted net income of $13.7 million, or $0.48 per share, which was just a penny shy of the $0.49 per share profit the Street was modeling for. CEO Arthur W. Zafiropoulo's comments may have also rattled investors.
Now what: Zafiropoulo said that results were in line with expectations, but reiterated that the near-term outlook is uncertain and "will be challenging." However, the executive believes that conditions will improve during the second half of the year from anticipated increases in semiconductor capital equipment spending. For now, investors seem to be moving to the sidelines until things get better.
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