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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-1.86 | -0.89% | 207.00 | 206.00 | 207.40 | 209.47 | 207.22 | 209.24 | 3,206,053 | 01:00:00 |
Applied Materials Inc. said its fiscal first-quarter earnings surged on strong double-digit sales growth.
Chief Executive Gary Dickerson said the company's performance in the latest quarter "reflects healthy investment by our semiconductor and display customers and major technology trends that are playing to our strengths in precision materials engineering."
The company in September agreed to acquire Tokyo Electron Ltd. in a deal that would create the world's largest provider of chip manufacturing equipment. The companies, which supply costly machines that help turn silicon wafers into computer chips, have described their all-stock deal as a merger of equals. But the deal effectively represents a purchase by Applied of Tokyo Electron, one of the biggest-ever foreign takeovers of Japanese company.
The performance of Applied Materials and its peers has long reflected boom-and-bust cycles in the markets for semiconductors and equipment used to make them. The sector has come under increasing pressure to develop even more sophisticated equipment while giant chip makers have been demanding ever-cheaper tools.
For the period ended Jan. 26, Applied Materials reported a profit of $253 million, or 21 cents a share, up sharply from $34 million, or three cents a share a year earlier. Excluding acquisition-related expenses and other items, adjusted earnings rose to 23 cents from six cents. Revenue increased 39% to $2.19 billion.
The company expected per-share earnings of 20 cents to 24 cents on a net sales increase of 3% to 10%.
For the current quarter, the company forecast per-share earnings of 25 cents to 29 cents and net sales growth of 3% to 10% over the latest quarter's level of $2.19 billion, implying a range between $2.26 billion and $2.41 billion. Analysts polled by Thomson Reuters expected per-share profit of 27 cents and revenue of $2.32 billion.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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