Newport Corp. Ups Earnings Forecast for Year

Newport Corp., which makes products used for assembling and testing fiber optics and semiconductors, on Tuesday revised upward its earnings forecast for 2001.

The Irvine company said it now expects its acquisition of Kensington Laboratories Inc. in February to add 17 cents to 20 cents a share to its earnings this year, up from the previous estimate of 15 cents a share. Newport pegged Kensington’s revenue at about $50 million, the same as previous expectations.

Newport made the revised forecast in connection with its announcement Tuesday that it has revised upward its financial results for 2000 to reflect the audited 2000 results of Kensington, which holds more than 20 patents covering advanced robotics and motion control technology.

For the year ended Dec. 31, Kensington contributed revenue of $31.1 million, bringing Newport’s total revenue for the year to $284 million, up from the $252.9 million previously reported for Newport alone. Newport said its revised net income rose by $8.5 million, or 15 cents a share, to $36.3 million, or $1.01 a share, from the 86 cents a share reported for Newport alone.

The revised results were disclosed after the close of regular trading hours in U.S. markets. Newport shares fell $4.63 to $39.38 in Nasdaq trading.