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Actionable news in KLAC: KLA-Tencor Corporation,

KLA-Tencor Corporation

KLA-Tencor Corp. reports financial results for the quarter ended June 30, 2017.We analyze the earnings along side the following peers of KLA-Tencor Corp. - ASML Holding NV ADR, Lam Research Corporation, Nanometrics Incorporated, Nova Measuring Instruments Ltd, Rudolph Technologies, Inc., Advanced Energy Industries, Inc. and Camtek Ltd (ASML-US, LRCX-US, NANO-US, NVMI-US, RTEC-US, AEIS-US and CAMT-US) that have also reported for this period.

  • Summary numbers: Revenues of USD 935.34 million, Net Earnings of USD 256.16 million.
  • Gross margins narrowed from 63.27% to 62.79% compared to the same period last year, operating (EBITDA) margins now 38.48% from 39.74%.
  • Year-on-year change in operating cash flow of 30.65% is about the same as the change in earnings, likely no significant movement in accruals or reserves.
  • Narrowing of operating margins contributed to decline in earnings.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income growth:

Revenues (mil)935.3911.4878.3752.2919.2
Revenue Growth (%YOY)1.827.823.717.221.5
Earnings (mil)256.2253.6238.3178.1271.5
Earnings Growth (%YOY)-5.744.356.569.891.2
Net Margin (%)27.427.827.123.729.5
Return on Equity (%)20.72427.324.246.6
Return on Assets (%)18.919.518.914.322.3

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KLAC-US's change in revenue this period compared to the same period last year of 1.76% is almost the same as its change in earnings, and is about average among the announced results thus far in its peer group, suggesting that KLAC-US is holding onto its market share. Also, for comparison purposes, revenues...