Nanometrics Surges 21% On Earnings Report (NANO)

Shares of Nanometrics Incorporated NANO are trading up 21% at $11.96 per share during the Friday afternoon trading session. The day's trading range for shares of Nanometrics Incorporated has been between $11.21 and $12.01 per share. Analysts covering the company's stock give it a consensus price target of $15.50 per share. Volume of 2.3 million shares is already 4 times the daily average volume of 587,000 shares. Nanometrics Incorporated (NANO) announced after the Thursday trading session that it far surpassed consensus Wall Street estimates. The company announced 2nd quarter earnings per share of 51 cents, on revenue of $50.8 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 27 cents per share, on revenue of $39.28 million. President and chief executive officer Dr. Timothy J. Stultz said, “Our second quarter results are testimony to the progress we have made against the operational and performance objectives we are consistently driving toward; namely: strengthening the competitiveness of our products to drive key customer wins and strong gross margin performance; improving our predictability by managing to a robust and sustainable business model; and demonstrating the operational leverage, profitability and cash flow ensuing from our greater scale and improved cost structure." Read more from Benzinga's Company news.