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Applied Materials quarterly profit rises on record net sales

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Applied Materials quarterly profit rises on record net sales

Applied Materials Inc. posted higher income in its second fiscal quarter from the same period a year prior as the chip-gear maker achieved record net sales.

The company's net income came in at $1.13 billion, or $1.09 per diluted share, in the quarter that ended April 29, up from $824 million, or 76 cents per diluted share, in the year-earlier period.

On a non-GAAP basis, adjusted diluted earnings were $1.22 per share, up from 79 cents per share and beating S&P Capital IQ's consensus normalized EPS estimate of $1.15.

Net sales rose 29% to a record $4.57 billion in the second quarter from $3.55 billion.

The company's semiconductor systems business posted net sales of $3.0 billion from $2.40 billion, while net sales for applied global services stood at $943 million, up from $724 million. Net sales for display and adjacent markets were $600 million from $391 million.

Income from operations came in at $1.33 billion for the quarter, up from $940 million.

For the six months that ended April 29, net income decreased to $1.26 billion, or $1.20 per diluted share, from $1.53 billion, or $1.40 per diluted share, in the same six-month period a year prior.

Applied Materials said it expects its non-GAAP adjusted diluted EPS for the third fiscal quarter in the range of $1.13 to $1.21.