Irvine-based Newport Corp., which makes lasers used in chip manufacturing, research and medical devices, reported second quarter results that beat Wall Street’s expectations.
For the three months through June, the company reported sales of $88 million, down 26% from the same period a year earlier and beating analysts’ expected $86 million in sales.
Excluding charges for acquisitions, restructuring and other costs, the company posted profits of $500,000, down 88% from the year-ago quarter. Analysts, on average, were expecting the company to report a $2 million loss.
Newport had about $150 million in cash and short term assets at the close of the quarter.
The company’s customers include the government, research labs, schools and makers of specialized equipment used to manufacture semiconductors.
Last month, Newport swapped part of its business with longtime rival San Jose-based Oclaro Inc. in a complex bartering deal in which only a small amount of money changed hands.
Under the terms of the deal, Newport acquired a chunk of Oclaro’s business and vice versa.
Newport’s shares were flat in afterhours trading on a recent market value of about $260 million.
