July 12, 2010 / 9:02 PM / 7 years ago

UPDATE 1-Novellus Systems Q2 beats Wall Street

* Q2 EPS $0.66 vs est $0.60

* Rev $321.4 mln vs est $312 mln

* Bookings up 64 pct

July 12 (Reuters) - Novellus Systems Inc NVLS.O, which provides equipment for the semiconductor industry, posted quarterly results above expectations, helped by a surge in bookings and shipments. For the second quarter, the chip-gear maker reported net income of $63.3 million, or 66 cents per share, compared with a loss of $50 million, or 55 cents per share, a year ago.

Net sales for the company, which competes with Applied Materials Inc (AMAT.O), nearly tripled to $321.4 million.

Bookings rose 64 percent to $384.9 million, while shipments rose 49 percent to $332.1 million, sequentially.

Analysts on average were looking for earnings of 60 cents a share, excluding items, on revenue of $312 million, according to Thomson Reuters I/B/E/S.

This current upturn in semiconductor demand is being fueled by growth in a wide spectrum of electronics products, Chief Executive Richard Hill said in a statement.

“We anticipate that the ‘gentrification’ of the worldwide communications infrastructure along with increased public-sector IT investment and growth in China consumerism will continue to support a multi-year recovery in the semiconductor equipment industry,” he added.

Shares of the San Jose, California-based company closed at $26.71 Monday on Nasdaq. (Reporting by Mansi Dutta in Bangalore; Editing by Don Sebastian)

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