Applied Materials: Fiscal Third Quarter Earnings Overview

Applied Materials Inc. (AMAT) reported third-quarter profit of $1.61 billion on Thursday.

The Santa Clara, Calif.-based company said it had net earnings of $1.85 per share. Earnings, adjusted for one-time costs, were $1.94 per share.

The results exceeded Wall Street expectations. The average estimate from 11 analysts polled by Zacks Investment Research was for earnings of $1.78 per share.

The chip-making equipment maker posted revenue of $6.52 billion during the period, which also beat Street’s forecast. Eight analysts polled by Zacks expected $6.26 billion.

For the current quarter ending October, Applied Materials expects earnings per share to be between $1.82 and $2.18. Analysts polled by Zacks had forecast adjusted earnings per share of $1.90.

The company said it expects revenue in the range of $6.25 billion to $7.05 billion for the fiscal fourth quarter. Analysts polled by Zacks expected revenue of $6.53 billion.

Applied Materials shares have fallen 31% year-to-date, while the S&P’s 500 index has fallen 10%. In the final minutes of trading Thursday, shares hit $108.23, down 15% over the past 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMAT at https://www.zacks.com/ap/AMAT

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