Kulicke & Soffa's stock surges toward 21-year high after upbeat profit outlook
Shares of Kulicke & Soffa Industries Inc. (KLIC) charged up 5.0% toward a 21-year high in premarket trading Tuesday, after the semiconductor equipment company provided an upbeat profit outlook for the fiscal first quarter, citing "strong demand" for its K&S products. The company expects adjusted earnings per share of 73 cents to 77 cents for the quarter that ended in December, well above the FactSet consensus of 54 cents. "Strong demand for K&S solutions is stemming from the general semiconductor and LED end-markets and ongoing recovery is anticipated to continue within automotive throughout fiscal year 2021," the company said. The company is projected to report first-quarter results on or around Feb. 3. The stock, which is on track to open at the highest price seen during regular-session hours since May 2000, has run up 41.0% over the past three months through Friday while the S&P 500 has gained 10.0%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 19, 2021 09:29 ET (14:29 GMT)
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