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Summary: KLA-Tencor Corp. Dec 11 Product Image

Summary: KLA-Tencor Corp. Dec 11

  • Published: December 2011
  • Standard & Poors

Abstract
The rating on Milpitas, Calif.-based KLA-Tencor Corp. reflects Standard & Poor's Ratings Services' expectation that the company will sustain its competitive position throughout the cycle and preserve its "intermediate" (as defined in our criteria) financial profile, as its strong liquidity and consistent free cash flow generation offset the typical industry cyclicality. The semiconductor capital equipment industry is experiencing a decline from its cyclical peak and we believe KLA-Tencor's operating trends are more volatile than the broader semiconductor industry. We anticipate that the company's revenues in the fiscal second quarter of 2012 (ending December 2011) will decline in the mid-teen percentage area on a year-over-year basis, as a result of moderating capital expenditures at semiconductor manufacturers. We expect the company to...

Companies mentioned in this report are: KLA-Tencor Corp.
Action: Review

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KLA-Tencor Corp.

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