(CYMI) Cymer Incorporated – Earnings Beat By 140% in the Third Quarter

January 23rd, 2010

Cymer, Inc. (CYMI) has seen demand pick up for its light sources as the semiconductor industry ramps up production. CYMI has surprised on estimates 2 out of the last 4 quarters by an average of 45.64%. Cymer is trading at 14.8x forward earnings.

Company Description

Cymer manufactures excimer light sources that are used by chipmakers to pattern advanced semiconductor chips. The company’s installed base comprises 3,300 systems.

Cymer Readies Fourth Quarter Results

Cymer is scheduled to report fourth quarter results on Jan 28. The fourth quarter Zacks Consensus has been holding steady at 35 cents. That is up 3 cents in the last 60 days.

The full year Zacks Consensus Estimate is calling for 54 cents. That has been holding steady the last 90 days.

Analysts are bullish about 2010, however. The 2010 Zacks Consensus has risen 2 cents to $2.40 per share in the last 30 days as 1 estimate moved higher. This is earnings growth of 348.29% compared to 2009.

Cymer Beat By 140% in the Third Quarter

On Oct 20, Cymer reported its third quarter results and easily beat the Zacks Consensus by 21 cents. Earnings per share of 36 cents outpaced the 18 cents reported in the year ago period.

Revenue fell year over year to $92.33 million from $110.62 million but was up 50% from the prior quarter. Cymer shipped 12 light sources of which 11 of those were XLR. It also installed 14 light sources at chipmaker locations and of those, 10 were argon fluoride (ArF) immersion.

Demand picked up compared to the second quarter.

“Demand for our XLR immersion lithography light sources and Installed Base Products rose sharply during the quarter,” said Bob Akins, CEO.

“The higher level of demand was driven by increased investment from the foundry and memory sectors in support of transitions to the 5x nanometer node and below,” he added.

Value Fundamentals

Cymer is a Zacks #1 Rank (strong buy) stock. It has a price-to-book ratio of 2.00. The company has a 5-year return on equity (ROE) of 10.04%.

Tracey Ryniec is the Value Stock Strategist for Zacks.com. She is also the Editor in charge of the market-beating Zacks Value Trader service.

Zacks Investment Research

More on this topic (What's this?)
Top 4 Small-Cap Stocks In The Semiconductor Equipment & Materials Industry With The Highest Cash ... (Wall Street Sector Selector, 3/21/11)
Trading Ideas That Paid – CYMI (Capital Essence's Investment Blo..., 6/24/09)
Cymer Beats Estimates (CYMI) (Benzinga, 10/21/10)
Cymer Reports Third Quarter 2010 Operating Results; EPS $.36 (Benzinga, 10/21/10)
Read more on Cymer at Wikinvest

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