MIGDAL HAEMEK, Israel (AP) — MIGDAL HAEMEK, Israel (AP) — Camtek Ltd. (CAMT) on Tuesday reported first-quarter net income of $34.3 million.
The Migdal Haemek, Israel-based company said it had net income of 70 cents per share. Earnings, adjusted for stock option expense and costs related to mergers and acquisitions, were 79 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.
The maker of automatic optical inspection and process enhancement systems posted revenue of $118.6 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $119 million.
For the current quarter ending in June, Camtek said it expects revenue in the range of $120 million to $123 million.
Camtek shares have dropped 14% since the beginning of the year. The stock has decreased 24% in the last 12 months.
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