Cabot Microelectronics Beats Estimates (CCMP)

Aurora, Illinois-based Cabot Microelectronics Corp. CCMP on Thursday morning released financial results that beat Wall Street expectations. Cabot Microelectronics Corp reported that its 1st quarter net income rose to $16.5 million, or 71 cents per share, up from $13.1 million, or 56 cents per share, a year earlier. Cabot Microelectronics Corp reported revenue of $114.21 million, up 16.9% from $97.67 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 62 cents per share, on revenue of $109 million. Chairman and CEO William Noglows said, "We are delighted to start fiscal 2011 with strong financial performance, following the company's record setting year in fiscal 2010. We continue to execute on our strategic initiatives and recently began construction on our new manufacturing and research and development center in South Korea. This investment represents another significant milestone demonstrating our commitment to and plans for continued growth in the Asia Pacific region." Cabot Microelectronics Corp. (CCMP) ended the previous trading session at $45.57 per share. Analysts covering the company's stock have a consensus price target of $48.33 per share. Cabot Microelectronics Corp is the world's leading supplier of CMP polishing slurries and a growing CMP pad supplier to the semiconductor industry. The company's products play a critical role in the production of advanced semiconductor devices, enabling the manufacture of smaller, faster and more complex devices by its customers. Read more from Benzinga's Company news.