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October 25, 2012
12:39 EDTKLACEarnings Preview: KLA-Tencor's Q1 could come in towards low-end of guidance
KLA-Tencor (KLAC) is expected to report Q1 earnings after the market close on Thursday, October 25, with a conference call scheduled for 5:00 pm ET. The consensus estimate is 89c for EPS and $739.97M for revenue, according to First Call. Guidance provided by management on the last earnings call was for EPS 75c-95c on revenue $700-$760M, consensus $829.89M. Bookings for Q1 were guided to $625M- $775M. Piper Jaffray expect the company to report Q1 revenues and EPS in-line, but at the lower end of its guidance. The firm also believes bookings could be biased more to the bottom end, as Piper thinks orders declined across all segments -- given weakness in memory spend and a seasonally slow quarter. However, Piper does expect more than 90% of KLA's September orders to come from foundry and logic customers for 28nm/32nm activity. The firm sees KLA also benefiting from Intel's (INTC) last leg of 22nm spending. Piper estimates gross margins to trend down 250bps quarter-over-quarter to 57% on lower revenues. Although KLA could articulate that bookings could resume in the December quarter, Piper expects recovery to be weak with 28nm foundry off to a slow start -- while modest spending by Intel prevails. However, NAND and DRAM orders remain in hibernation.
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