UPDATE 1-Orbotech posts quarterly profit
(Recasts; adds details)
Aug 4 (Reuters) - Israel's Orbotech Ltd (ORBK.O) swung to a quarterly profit, helped by higher demand for its flat panel display (FPD) inspection equipment.
Orbotech's quarterly net income was $5.3 million or 16 cents per share, compared with a loss of $3.4 million or 10 cents a share a year earlier.
Excluding items, the company posted earnings of 20 cents a share topping Wall Street's estimate of 16 cents a share, according to Reuters Estimates.
Revenue for the quarter ended June 30 rose 16 percent to $105.1 million. Analysts expected revenue of $104.4 million.
Sales of its FPD inspection equipment rose 166 percent to $29.8 million.
Sales of equipment to the printed circuit board (PCB) industry fell 22 percent to $34.5 million, which reflected the continuing global economic uncertainty, impacting bare PCB customers' capital investment plans, the company said in a statement.
The continued weakness in the United States dollar vis-a-vis the Sheqel hurt second-quarter net income by about three cents a share, compared with the first quarter of 2008, Orbotech said.
The company expects a similar impact on net income if the Sheqel-Dollar exchange rate remains at current levels. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Bernard Orr)
