Applied Materials Q3 Profit Meets Estimate; Outlook Weak

(RTTNews) - Applied Materials, Inc. (AMAT) reported net income for the third quarter of $329 million or $0.27 per share, compared to $301 million or $0.24 per share for the year-ago quarter.

Excluding items, adjusted net income for the third quarter was $410 million or $0.33 per share, compared to $349 million or $0.28 per share in the prior year quarter.

Net sales for the third quarter rose 17% to $2.49 billion from $2.27 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.33 per share on revenue of $2.54 billion for the third quarter. Analysts' estimates typically exclude special items.

Looking forward to the fourth quarter, Applied expects net sales to be in the range of flat to down 7% sequentially, and adjusted earnings to be in the range of $0.27 to $0.31 per share. Analysts currently expect the company to earn $0.33 per share on revenue of $2.51 billion for the fourth quarter.