Novellus Systems Inc. (NASDAQ: NVLS) reported Thursday that it raised its first-quarter profit outlook due to a lower tax rate, according to Associated Press.
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The company now expects to earn 43 cents per share, 4 cents above the high end of the range it had forecast in March. Adjusted earnings excluding certain charges should top 47 cents per share, which is 3 cents above the prior outlook.
Analysts polled by Thomson Reuters are expecting a profit of 40 cents per share, which excludes one-time items.
Novellus said its fiscal 2010 tax rate should range from 15 percent to 20 percent instead of the 25 percent to 30 percent it had expected.
Novellus is scheduled to report first-quarter earnings on April 21.
Shares of Novellus were down 6 cents to $26.86 at Tuesday’s close.
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