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UPDATE 1-Orbotech sees Q3 loss, cuts sales view

Mon Oct 13, 2008 5:43am EDT

Stocks

   

* Sees net loss in Q3

* Cuts Q3 revenue view by 10 pct to 15 pct (Recasts, adds details)

Oct 13 (Reuters) - Israel's Orbotech Ltd (ORBK.O) forecast a surprise third quarter loss as its printed circuit board (PCB) customers deferred previously confirmed orders, forcing it to cut its expected revenue by 10 percent to 15 percent.

The continued weakness in its PCB arm, which fell 22 percent in the previous quarter, will drag down third-quarter revenue to about $90 million to $95 million, the company said in a statement on Monday.

The company also said it expects to report a "moderate" net loss in the third quarter.

Analysts on average were expecting earnings of 15 cents a share, before special items, on revenue of $104.5 million, according to Reuters Estimates.

Orbotech said that it has not seen any changes in current deliveries, orders or backlog for its flat panel display (FPD) inspection equipment, where sales rose 166 percent last quarter.

Shares of Orbotech closed at $4.74 Friday on Nasdaq, almost a fifth off its 52-week high of $21.66 in October last year. (Reporting by Savio D'Souza in Bangalore; Editing by Paul Bolding)



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