Cabot Microelectronics Corporation announced unaudited consolidated earnings results for the first quarter ended December 31, 2017. For the quarter, the company reported revenue of $139,979,000 compared to $123,254,000 a year ago. Operating income was $37,112,000 compared to $28,061,000 a year ago. Income before income taxes was $36,652,000 compared to $27,907,000 a year ago. Loss available to common shareholders was $3,072,000 compared to income available to common shareholders of $22,129,000 a year ago. Diluted loss per share was $0.12 compared to diluted earnings per share of $0.88 a year ago. Non-GAAP net income was $31,060,000. Non-GAAP diluted earnings per share were $1.19. Capital investments for the quarter were $4 million. The company generated cash flow from operations of $31 million. A significant year-over-year increase in operating income representing operating leverage, driven by revenue growth combined with the company's ongoing attention to controlling costs and progress toward achieving the company's multiyear financial objective of expanding profit margins, which the company introduced during fiscal 2017. Non-GAAP net income increased primarily due to the higher revenue and higher gross profit margin, partially offset by higher operating expenses.

The company currently expects its effective tax rate for the full fiscal year 2018, to be within the range of 21% to 24%. Before the enactment of tax reform, the company had estimated 24% to 27% for the full fiscal year. The company expects capital spending to be within the range of $18 million to $22 million. The company's full fiscal year GAAP gross profit guidance range is 50% to 52% of revenue, which remains unchanged. This includes approximately 100 basis points of NexPlanar amortization expense.