Why Ultra Clean Holdings Stock Got Crushed Today

Shares of Ultra Clean Holdings (NASDAQ: UCTT) have gotten crushed today, down by 13% at 11:30 a.m. EDT, after the company reported second-quarter earnings. The results topped market expectations, but investors may be fretting over a structural change to a joint venture (JV).

Revenue in the second quarter was $515.2 million, ahead of the consensus estimate of $505.4 million in sales. That resulted in adjusted net income of $43.7 million, or $0.99 per share, while analysts were modeling for just $0.97 per share in adjusted profits. The company, which supplies equipment to the semiconductor industry, reported an adjusted operating margin of 11.7%.

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Source Fool.com