Top Performer for Wed: Newport (NEWP)

Newport Corporation (NEWP - Snapshot Report) is a Zacks #1 Rank Top Performer for Wednesday with shares that have advanced approximately 10.2%.

NEWP is a leading global supplier of advanced-technology products and systems to customers in the scientific research, microelectronics, aerospace and defense/security, life and health sciences and precision industrial manufacturing markets.

It is the only company from the instruments-scientific industry on today's Zacks #1 Rank List, which includes 227 stocks in total. Volume is at 132,000 shares so far today, which is right around its daily average.

Earnings Estimates

The Zacks Consensus Estimate for this year calls for a penny loss per share. A loss is never a good thing, but NEWP has made sharp improvements over the past month as all 3 covering analysts have revised higher.

In fact, just 30 days ago, analysts were expecting a loss per share of 10 cents. If this momentum continues, earnings estimates may very well be in positive territory before the end of the year.

The Zacks Consensus Estimate for next year is already calling for a profit. Analysts expect 36 cents per share, which is up 38% over the past 2 months. It also accounts for a sharp year-over-year gain in profit growth.

Second Quarter

NEWP had to contend with a very difficult economic environment in its second quarter, but was still able to report EPS on Aug 5 that surpassed expectations.

The company reported earnings per share of 1 cent, which missed the year-ago result but beat the Zacks Consensus Estimate by as much as 112%. This was the company's second straight positive quarterly surprise.

Sales declined 25.6% to $87.5 million, compared to $117.7 million a year earlier.

"We cannot control the extent or duration of these difficult conditions, but we can and will continue to work aggressively to position our business to provide meaningful profit leverage when market conditions improve," stated President/CEO Robert J. Phillippy.