Applied Materials, Inc. (AMAT - Free Report) just released its latest quarterly financial results, posting adjusted earnings of $1.22 per share and revenues of $4.57 billion.
Currently, AMAT is a Zacks Rank #3 (Hold), but that could change based on today’s results. Shares of the company have moved slightly higher over the past month but lost nearly 2% during regular trading hours today.
The stock is currently down 2.2% to $52.75 per share in after-hours trading shortly after its earnings report was released.
Beat earnings estimates. The company posted non-GAAP earnings of $1.22 per share, beating the Zacks Consensus Estimate of $1.13. Investors should note that this consensus projection has remained stagnant over the duration of the quarter.
Beat revenue estimates. The company saw revenue figures of $4.57 billion, topping our consensus estimate of $4.45 billion. Revenue was up 39% year over year and reached a quarterly record.
Non-GAAP gross margin improved 0.4 points to touch 46.7%. Operating income improved 40% to $1.38 billion. The company generated $611 million in cash from operations during the quarter.
“Applied’s performance in the second fiscal quarter was another all-time record for the company, which demonstrates strong execution and customer pull for materials solutions that help accelerate roadmaps and bring new devices to market faster,” said CEO Gary Dickerson.
For the third quarter of fiscal 2018, Applied Materials expects revenue to be in the range of $4.33 billion to $4.53 billion. Non-GAAP earnings per share is expected to be between $1.13 and $1.21. Prior to today’s report, our Zacks Consensus Estimates were calling for revenue of $4.50 billion and earnings of $1.14 per share.
Here’s a graph that looks at AMAT’s recent earnings performance:
Applied Materials is one of the world’s largest suppliers of fabrication equipment to semiconductor, LCD, and solar PV cell manufacturers. The company also provides equipment used in the production of coatings for flexible electronics and services related to manufacturing processes and installation.
Check back later for our full analysis on AMAT’s earnings report!
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