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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Applied Materials Inc | NASDAQ:AMAT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
6.49 | 3.28% | 204.40 | 204.09 | 205.98 | 205.27 | 199.95 | 202.00 | 3,818,512 | 01:00:00 |
By Lisa Beilfuss
Applied Materials Inc. said orders hit a 15-year high in its latest quarter, prompting the maker of semiconductor manufacturing tools to project fiscal third-quarter results sharply above expectations.
Shares rose 4% in after-hours trading.
The Santa Clara, Calif., company supplies companies that make things like mobile phones and televisions.
In the quarter ended May 1, Applied Materials saw orders surge 37% from a year earlier and 52% from the previous quarter, hitting $3.5 billion. "We are making significant progress with our strategy in semiconductor, display and service," said Chief Executive Gary Dickerson, adding that he expects to post record earnings this year. Orders rose by double digits across categories, paced by a 36% rise in foundry.
For the current quarter, the company is looking for 46 cents to 50 cents in adjusted earnings per share, well above the 36 cents analysts have anticipated. Sales will rise 14% from a year earlier, the company said, translating to $2.84 billion. Analysts have predicted $2.51 billion in sales for the July period.
The revenue forecast suggests a significant pickup from the most recent quarter, when sales were little changed from a year earlier. Revenue came in at $2.45 billion, compared with $2.44 billion in last year's quarter. The result edged in above the $2.43 billion average analyst estimate.
Applied Materials reported a profit of $320 million for the quarter, down from $364 million a year earlier. On a per-share basis, earnings were flat at 29 cents because of a lower share count. Excluding restructuring charges, among other items, profit per share rose to 34 cents from 29 cents. Analysts projected 32 cents in adjusted earnings per share.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
(END) Dow Jones Newswires
May 19, 2016 17:10 ET (21:10 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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