Earnings Soar at Newport
IRVINE, Calif., Oct. 30, 2014 — Newport Corp. reported third-quarter profits of $9.5 million, a dramatic increase from $437,000 in the third quarter of 2013.
Sales climbed 5.2 percent to $146.3 million, with increases in each of the company’s end markets except defense and security.
As for future sales, CEO Robert J. Phillippy said Newport has received a $25.7 million order for surgical lasers, and “several substantial new orders from a key semiconductor manufacturing equipment customer.” Phillippy also cited the acquisition of V-Gen, which was completed at the beginning of the fourth quarter.
The company repurchased about 242,000 shares of its own stock for $4.5 million in the third quarter. The board of directors has authorized the repurchase of an additional 3.6 million shares.
Newport supplies lasers, optical components and subsystems, and precision motion equipment for manufacturing, engineering and research.
For more information, visit www.newport.com.