Applied Materials Reports Record Quarterly Revenue; 2Q Guidance Beats Wall Street Targets -- Earnings Review
19 February 2021 - 8:43AM
Dow Jones News
By Maria Armental
Applied Materials Inc., which makes equipment used to make
computer chips, reported record quarterly revenue and gave
stronger-than-expected financial guidance, pointing to sustained
strong demand driven by investments in information technology and
communications infrastructure and boosted by a digital-acceleration
transformation during the coronavirus pandemic. Here's what you
need to know.
PROFIT: Net income in the fiscal first quarter rose to $1.13
billion from $892 million a year earlier. On a per-share basis,
profit was $1.22, or $1.39 when adjusted, for the three months
ended Jan. 31. Applied had projected $1.20 to $1.32 a share in
adjusted profit, while analysts surveyed by FactSet expected $1.27
a share, or $1.28 on an adjusted basis.
REVENUE: Net sales rose to $5.16 billion from $4.16 billion a
year earlier. Applied had projected about $4.95 billion, while
analysts expected about $4.98 billion.
OUTLOOK: This quarter, the company projects an adjusted profit
of $1.44 to $1.56 a share and $5.19 billion to $5.59 billion in
revenue, compared with analysts' projected an adjusted profit of
$1.28 a share and $4.96 billion in revenue.
DEMAND: Company officials have said they expect customers'
investment levels to carry into 2021 and beyond and pointed to an
upside from rebounding specialty markets like automotive. On
Thursday, Chief Executive Gary Dickerson said in a statement that
in the most recent quarter, the company had seen "a continued
acceleration of demand in our semiconductor business as major macro
and industry trends fuel increasing consumption of silicon across a
wide range of markets and applications."
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
February 18, 2021 16:28 ET (21:28 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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