MILPITAS, Calif. (AP) — MILPITAS, Calif. (AP) — KLA Corporation (KLAC) on Wednesday reported fiscal first-quarter net income of $1.55 billion.

The Milpitas, California-based company said it had net income of $1.18 per share. Earnings, adjusted for one-time gains and costs, came to $1.22 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.18 per share.

The maker of equipment for manufacturing semiconductors posted revenue of $4.14 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $4.05 billion.

For the current quarter ending in December, KLA expects its per-share earnings to range from $1.33 to $1.55.

The company said it expects revenue in the range of $4.5 billion to $4.9 billion for the fiscal second quarter.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KLAC at https://www.zacks.com/ap/KLAC