MILPITAS, Calif. (AP) _ KLA Corporation (KLAC) on Wednesday reported fiscal first-quarter net income of $420.6 million.

The Milpitas, California-based company said it had profit of $2.69 per share. Earnings, adjusted for costs related to mergers and acquisitions and restructuring costs, came to $3.03 per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.75 per share.

The maker of equipment for manufacturing semiconductors posted revenue of $1.54 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $1.48 billion.

For the current quarter ending in January, KLA expects its per-share earnings to range from $2.82 to $3.46. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.81.

The company said it expects revenue in the range of $1.51 billion to $1.66 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $1.48 billion.

KLA shares have increased almost 7% since the beginning of the year, while the Standard & Poor's 500 index has increased 1%. In the final minutes of trading on Wednesday, shares hit $190.55, a rise of 9% in the last 12 months.

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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