Why Electro Scientific Industries Shares Skyrocketed Today
Shares of Electro Scientific Industries (NASDAQ: ESIO) have skyrocketed today, up by 29% as of 11:45 a.m. EDT, after the company reported fiscal second-quarter earnings. The results came in strong across the board.
Revenue in the fiscal second quarter totaled $71 million, with GAAP net income of $4.3 million, or $0.12 per share. On a non-GAAP basis, net income was $13.7 million, or $0.39 per share. Gross margin expanded to 37.4%, despite asset impairment and inventory charges related to the company's restructuring and product portfolio "pruning activities."
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Source: Fool.com
