Axcelis tops Street 3Q forecasts

BEVERLY, Mass. (AP) _ Axcelis Technologies Inc. (ACLS) on Thursday reported third-quarter profit of $11.8 million.

On a per-share basis, the Beverly, Massachusetts-based company said it had profit of 35 cents. Earnings, adjusted for non-recurring costs, were 38 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.

The semiconductor services company posted revenue of $104.5 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $95 million.

For the current quarter ending in December, Axcelis said it expects revenue in the range of $107 million to $112 million.

Axcelis shares have more than doubled since the beginning of the year. In the final minutes of trading on Thursday, shares hit $31.95, more than doubling in the last 12 months.

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