Applied Materials Q1 Profit Meets Estimate; Sees Q2 EPS Below Consensus

(RTTNews) - Applied Materials, Inc. (AMAT) reported net income for the first quarter of $348 million or $0.28 per share, compared to $253 million or $0.21 per share for the year-ago quarter.

Excluding items, adjusted net income for th first quarter was $338 million or $0.27 per share, compare to $279 million or $0.23 per share in the prior year quarter.

Net sales for the first quarter rose 8% to $2.36 billion from $2.19 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.27 per share on revenue of $2.33 billion for the first quarter. analyst' estimates typically exclude special items.

Looking forward, the company expects second quarter net sales to be in the range of flat to up a couple of percentage points from the previous quarter. The company forecasts second quarter adjusted earnings of $0.26 to $0.30 per share. analysts currently expect the company to earn $0.32 per share on revenue of $2.48 billion for the second quarter.