Maker of equipment for semiconductor manufacturing, KLA Corporation (NASDAQ:KLAC) will be reporting results tomorrow after the bell. Here's what you need to know.
Last quarter KLA Corporation reported revenues of $2.72 billion, up 30.7% year on year, beating analyst revenue expectations by 4.95%. It was a strong quarter for the company, with a beat on the bottom line and very optimistic guidance for the next quarter.
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This quarter analysts are expecting KLA Corporation's revenue to grow 20.2% year on year to $2.82 billion, slowing down from the 42.5% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $7.09 per share.
The analysts covering the company have been growing increasingly bullish about the business heading into the earnings, with revenue estimates seeing three upwards revisions over the last thirty days. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 2.85%.
With KLA Corporation being the first among its peers to report earnings this season, we don't have anywhere else to look at to get a hint at how this quarter will unravel for semiconductors stocks, but there has been positive sentiment among investors in the segment, with the stocks up on average 15.9% over the last month. KLA Corporation is up 13.4% during the same time, and is heading into the earnings with analyst price target of $395.03, compared to share price of $421.00.
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The author has no position in any of the stocks mentioned.