Shares of Irvine-based laser maker Newport Corp. were up sharply in early trading today on increased revenue for the third quarter.
Shares rose about 15% to $12.47, for a market value of about $478 million after third-quarter results showed revenue of $142.9 million, a 13% increase from a year earlier.
Revenue fell short of analyst expectations of $151.8 million.
Profit came in higher than Wall Street projections despite a year-over-year drop of 27% to $7.6 million. Analysts on average estimated about $6.9 million in net income.
The industrial manufacturing segment made up a larger share of the company’s sales in the latest quarter compared with a year earlier, accounting for about 21% versus 15%.
Newport Corp. saw a 21% increase in the amount of new orders during the quarter, to $143.7 million.
Newport Corp.’s shares have been trading near its 52-week low of $10.42 since a drop in May, when the company cut its sales forecast for the year.