Novellus Systems Inc.said its second-quarter profit rose

Novellus Systems Inc., which makes equipment for producing computer chips, said Monday its second-quarter profit rose as sales grew 9 percent during the quarter, but softer sales are anticipated and the CEO lowered estimates for the third quarter.

The downgraded outlook undercut the company's stock in extended trading.

Net income for the second quarter was $64.7 million, or 79 cents per share, compared with $63.3 million, or 66 cents per share a year ago.

Sales rose to $350.2 million from $321.4 million.

Analysts surveyed by FactSet expected 76 cents per share on sales of $352.3 million.

CEO Richard S. Hill said the quarterly improvement was despite a 25 percent drop in second-quarter bookings from the first quarter. Shipments fell 4.7 percent to $359.3 million from $376.9 million in the first quarter.

Hill said in a conference call with analysts that customers are cautious and uncertain about the third quarter. He said some demand for semiconductor equipment originally expected this year may be pushed into 2012.

He said the company is reducing its third-quarter shipments estimate to a range of $300 million to $340 million, down 5 percent to 7 percent from the second quarter. Revenue is now expected in the range of $300 million to $340 million, down 3 percent to 14 percent. Analysts been forecasting $359.7 million.

He placed the earnings estimate at 60 cents to 75 cents per share. Analysts had been expecting 87 cents.

Novellus' shares fell $2.07, or 5.8 percent, to $33.70 in after-market trading following the release of the earnings report.


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