Shares of Cray Inc. jumped 14 percent today after the Seattle supercomputer maker reported strong earnings that beat analysts' expectations. The company reported net income of $3.4 million, or 10 cents per share, on revenue of $62.7 million. That compared to a net loss of $6.4 million and revenue $46.7 million.
Analysts expected earnings of just one cent per share and revenues of $61.1 million for the quarter, according to Thomson Reuters First Call.
"We've made tremendous progress on some of our new initiatives, expanding our product and service offerings to further solidify our leadership position in the industry and delivering our cutting-edge supercomputing technology to a broader set of customers," said Peter Ungaro, president and CEO of Cray. "With a solid pipeline of opportunities and over $70 million in new wins in just the last week our investments are paying off, putting us in an excellent position to deliver continued growth and sustained profitability in 2009 and beyond."
In trading today, the stock rose $1.20 to $9.36 to close near its 52-week high. The company -- which recently won contracts with Department of Energy's National Energy Research Scientific Computing Center, Oak Ridge National Laboratory and the Korea Meteorological Administration -- said it now expects revenue of about $290 million this year, including $90 million of service revenue.
It also expects to see revenue grow modestly next year and to be profitable.
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