KLA Corp (NASDAQ:KLAC) shares are trading lower during Thursday’s after-hours after the company reported second-quarter financial results and issued third-quarter guidance. Here’s a summary of the details.
What To Know: KLA reported quarterly earnings of $6.16 per share, topping the Street’s estimate of $5.91 by 4.23%.
The company reported quarterly sales of $2.49 billion which beat the analyst expectations of $2.46 billion, a 16.55% decrease over sales of $2.98 billion from the same period last year.
Cash flow from operating activities was $622.2 million while free cash flow was $545.4 million.
The company issued third-quarter adjusted earnings guidance of $5.26 per share plus or minus 60 cents, versus the $5.85 estimate. Revenue is anticipated to be $2.30 billion plus or minus $125 million, versus the $2.46 billion estimate.
“KLA’s December quarter results were ahead of our expectations and capped a solid year that included strong relative margins and free cash flow growth despite a persistently soft market,” said Rick Wallace, president and CEO of KLA Corp.
“While market conditions remain challenging in the near term, with limited visibility regarding the timing of a resumption in sustainable demand, we believe our business has stabilized around current revenue levels,” added Wallace.
“As we look forward, we are encouraged by the improvement in our customers’ businesses across multiple markets and continue to prioritize supporting our customers, executing on our product roadmaps and preparing for growth at the leading edge.”
KLA Price Action: Shares of KLA Corporation were down 5.74% at $604.88 in the after-hours session at the time of publication, according to Benzinga Pro.
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