Applied Materials beats on earnings expectations; analyst estimates up, shares flat
Chip and display maker Applied Materials (NASDAQ:AMAT) issued weaker-than-expected earnings results today with its reported quarterly earnings-per-share of US$1.20, US$0.03 better than analyst estimates of US$1.17.
Revenue for the quarter came in at US$4.47bn versus consensus estimates of US$4.43bn.
The company reported fiscal third-quarter net income of US$1.17bln, or US$1.17 a share, compared with US$925mln, or US$0.85 cents a share, in the year-ago period.
On a GAAP basis, the company recorded gross margin of 45.4%, and grew operating income by 23% to $1.26 billion or 28.1%of net sales. GAAP earnings per share (EPS) grew 38 percent to $1.17.
On a non-GAAP adjusted basis, the company reported gross margin of 46.4%, grew operating income by 22% to $1.31bln or 29.2%of net sales, and increased EPS by 40 percent to $1.20.
The company returned $1.45bn to shareholders through $1.25bn in share repurchases and dividends of $199mln.
“While we have seen some near-term adjustments in customer spending, fiscal 2018 is on track to be another record-setting year for Applied Materials and we expect each of our major businesses to deliver strong double-digit growth,” said Gary Dickerson, president and CEO.
“Our future outlook remains positive as the A.I.-Big Data era requires new breakthroughs in technology, from materials to systems, providing Applied with a great opportunity to play a larger and more valuable role in the ecosystem.”
Shares of AMAT closed flat in after-hours trading, at C$47.43.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/203102/applied-materials-beats-on-earnings-expectations-analyst-estimates-up-shares-flat-203102.html
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