Amtech Systems Blows Past Estimates (ASYS)

Amtech Systems, Inc. ASYS released financial results on Monday morning that easily beat Wall Street estimates. Amtech Systems, Inc announced that its 4th quarter net income was $5.4 million, or 58 cents per share, compared to a net loss of $0.2 million, or 2 cents per share, a year earlier. The company's revenue surged 288% to $45.41 million, up from $11.67 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 34 cents per share, on revenue of $38.61 million. Chief Executive Officer J.S. Whang said, “Our fiscal fourth quarter results include record revenue and order bookings, along with very strong bottom line results, that are all improvements over our very strong fiscal third quarter. These results demonstrate our operational capability to manage and service the record-breaking order momentum and profitably manage our rapid growth. We are very pleased with the significant increase in orders for our solar diffusion systems, our core competency, that we are generating from our substantial and growing solar customer base that includes an increasing number of new customers, further expanding our market share. We remain on track to continue to produce and ship at a high volume in the December quarter. We continue to have a healthy order pipeline and remain focused on successful execution of our solar growth strategy. With $94 million in backlog and continued order momentum, we expect 2011 to be another record year for Amtech.” The company forecast full-year 2011 revenue of over $200 million. Amtech Systems, Inc. (ASYS) finished the previous trading day at $17.28 per share. The consensus price target of analysts covering the company's stock is $15.63 per share. Read more from Benzinga's Company news.