Why Electro Scientific Instruments Shares Jumped Today
Shares of Electro Scientific Instruments (NASDAQ: ESIO) have jumped today, up by 15% as of 1:30 p.m. EDT, after the company reported strong fiscal first-quarter earnings.
Revenue in the first quarter rose to $72.7 million, which led to non-GAAP net income of $13 million, or $0.38 per share. On a GAAP basis, net income was $2.9 million, or $0.08 per share.
In a statement, CEO Michael Burger said, "Orders in the first quarter more than doubled from a year ago to $76.6 million, driven by flex drilling and good demand in Service and Component Test." The company also continues to make progress with its restructuring program.
Source: Fool.com
