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The Milpitas, California-based company reported GAAP net income for the first quarter of $20.4 million or $0.12 per share, compared to $19.3 million or $0.11 per share for the year-ago quarter.
Excluding items, non-GAAP net income for the first quarter was $26.2 million or $0.15 per share, compared to $55.4 million or $0.32 per share in the prior year quarter.
On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.02 per share for the first quarter. Analysts' estimates typically exclude special items.
Total revenue for the first quarter fell 36% to $342.69 million from $532.51 million in the same quarter last year. Twelve analysts had a consensus revenue estimate of $332.32 million for the first quarter.
Product revenue for the quarter dropped to $229.3 million from $405.5 million a year ago, while service revenue declined to $123.4 million from $127.0 million last year.
"KLA-Tencor delivered stronger-than-expected results and returned to profitability in the first quarter of fiscal 2010, led by a sharp increase in demand from foundry customers," said Rick Wallace, President and Chief Executive Officer of KLA-Tencor.
Semiconductor gear makers had been in red due to a difficult semiconductor industry environment. During the recession, demand for manufactured electronic items continues to fall off coercing chipmakers to live through sinking sales. However, recent results have shown a marked improvement in new orders, signaling that the market may have bottomed out.
Last week, Lam Research Corp. (LRCX | Quote | Chart | News | PowerRating) reported higher first quarter profit, as lower expenses and improved gross margin helped offset decline in revenues.
Also last week, Novellus Systems, Inc. (NVLS | Quote | Chart | News | PowerRating) reported a loss for the third quarter, compared to a profit last year, reflecting a significant decline in sales.
Applied Materials, Inc. (AMAT | Quote | Chart | News | PowerRating) is the world's biggest semiconductor equipment maker.
KLA-Tencor shares, which have traded in a range of $14.81 to $37.71 over the past year, closed Thursday's regular trading session at $34.28, up $1.03 or 3.10% and gained an additional 23 cents in after hours trading.
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