KLA Corp. stock adds to regular-session rally on earnings beat, outlook

By Wallace Witkowski

KLA Corp. shares added to regular-session gains after hours Thursday as the chip-equipment maker's outlook and results topped Wall Street expectations.

KLA (KLAC) reported fiscal fourth-quarter net income of $684.7 million, or $4.97 a share, compared with $805.4 million, or $5.40 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $5.40 a share, compared with $5.81 a share in the year-ago period.

Milpitas, Calif.-based KLA's revenue declined to $2.36 billion from $2.49 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast adjusted earnings of $4.86 a share on revenue of $2.25 billion, based on KLA's forecast of $4.23 to $5.43 a share on revenue of $2.13 billion to $2.38 billion.

Shares rose 3% after hours, following a 5.4% rally in the regular session to close at $482.35.

KLA forecast earnings of $4.75 to $5.95 a share on revenue of $2.2 billion to $2.5 billion for the fiscal first quarter. Analysts surveyed by FactSet estimated $4.75 a share on revenue of $2.23 billion for the first quarter.

Year to date, KLA shares have gained 28%, while the PHLX Semiconductor Index has surged 49% and the S&P 500 index has grown 18%.

Results follow those from Lam Research Corp. (LRCX), which reported results on Wednesday, and led gainers Thursday as chip-equipment suppliers rallied

Read: Lam Research CEO: AI servers are 'fundamental' to driving growth in next several years

-Wallace Witkowski

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07-28-23 0818ET

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