Applied Signal Technology, Inc.

Applied Signal Technology, Inc.'s (APSG - Snapshot Report) share price gapped open higher on June 3 after the company reported second-quarter earnings that bested expectations.

Second-Quarter Results

Revenue was up 18% from last year to $53.5 million. Income came in at $4.1 million, more than double last year's $2 million, producing earnings of 31 cents per share, 11 cents ahead of the consensus.

It was the fourth time in the last four quarters that the company has either beat or matched estimates, having done so by an average of 8 cents, or 47%.

Estimates Spike

After the great quarter, analysts boosted their earnings projections, with the current-year estimate jumping 19 cents to $1.09 per share. The next-year estimate is up 17 cents to $1.16, a 6% earnings growth projection.

The Chart

As previously mentioned, shares of APSG gapped open higher on the news and have since held steady in higher ground. Take a look at the chart below.

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