Applied Materials, Inc. (NASDAQ:AMAT) reported its first-quarter financial results after the bell Thursday. Here’s a look at the highlights.
The Details:
Applied Materials reported quarterly earnings of $2.13 per share which beat the analyst consensus estimate of $1.91 by 11.52%. The company reported quarterly sales of $6.71 billion, beating the analyst consensus estimate of $6.48 billion by 3.55%, and representing a 0.47% decrease over sales of $6.74 billion from the same period last year.
Applied Materials said it generated $2.33 billion in cash from operations and distributed $966 million to shareholders, including $700 million in share repurchases and $266 million in dividends.
“Applied Materials delivered strong results in the first quarter of fiscal 2024 and has outperformed our markets for the fifth consecutive year,” said Gary Dickerson, CEO of Applied Materials.
“Our leadership positions at key semiconductor inflections support continued outperformance as customers ramp next-generation chip technologies critical to AI and IoT over the next several years,” Dickerson added.
Outlook:
Applied Materials sees second-quarter adjusted earnings per share of between $1.79 and $2.15, versus the $1.79 estimate and second-quarter revenue of between $6.1 billion and $6.9 billion, versus the $6.3 billion estimate.
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AMAT Price Action: According to Benzinga Pro, Applied Materials shares are trading up 11.6 % after-hours at $209.50 at the time of publication.
Image: Courtesy of Applied Materials, Inc.
