Applied Materials, a leading chip-equipment maker based in Santa Clara, Calif., has posted a slight decline in both top- and bottom-line results for the third quarter of the financial year. Here are the key details:
Net Income
The company's net income for the quarter ended July 30 was $1.56 billion, compared to $1.61 billion in the same period last year. Analysts surveyed by FactSet had expected net income of $1.45 billion.
Adjusted Earnings
Applied Materials recorded adjusted earnings per share of $1.90 for the quarter, down from $1.94 per share in the prior-year period. Analysts polled by FactSet had projected adjusted earnings per share of $1.74.
Sales
The company's sales for the quarter were $6.43 billion, slightly lower than the $6.52 billion reported in the same period a year ago. Analysts surveyed by FactSet had anticipated sales of $6.15 billion.
Outlook
In terms of future growth, Applied Materials expects sales of $6.51 billion, with a potential margin of error of $400 million. The company also forecasts adjusted earnings per share ranging between $1.82 and $2.18. Analysts surveyed by FactSet had projected sales of $5.87 billion and adjusted earnings per share of $1.60.
Commentary
Gary Dickerson, Chief Executive of Applied Materials, stated, "Over the past several years, we have focused our strategy and investments on key technologies to accelerate the Internet of Things and AI era, enabling us to consistently deliver strong results in 2023 and positioning Applied Materials for sustainable outperformance."
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