MILPITAS, Calif. (AP) _ KLA Corporation (KLAC) on Wednesday reported fiscal first-quarter net income of $1.07 billion.

On a per-share basis, the Milpitas, California-based company said it had profit of $6.96. Earnings, adjusted for one-time gains and costs, were $4.64 per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $4.45 per share.

The maker of equipment for manufacturing semiconductors posted revenue of $2.08 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $2.02 billion.

For the current quarter ending in January, KLA expects its per-share earnings to range from $4.95 to $5.85. Analysts surveyed by Zacks had forecast adjusted earnings per share of $5.23.

The company said it expects revenue in the range of $2.23 billion to $2.42 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $2.26 billion.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KLAC at https://www.zacks.com/ap/KLAC

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