Stock Alert: Applied Materials Inc. (AMAT) Shares Up 1.43% Post Q1 Results

(RTTNews) - Shares of Applied Materials Inc. (AMAT) were up slightly on Feb. 12, after the chip maker reported strong Q1 results and upbeat outlook. The stock ended Wednesday's trading session at $65.37, up 92 cents or 1.43%, close to its 52-week high of $65.68. AMAT has been trading in a range of $36.80 - $65.68 in the past one year. Trading volume rose to 11.6 million versus an average volume of 7.45 million shares.

In the pre-market session today, the stock is currently trading at $66.43, up $1.06 or 1.62%.

The company, on Feb. 12, reported Q1 GAAP net income of $892 million or $0.96 per share versus $771 million or $0.80 per share last year. Non-GAAP net income rose to $904 million or $0.98 per share from $779 million or $0.81 per share in the prior year period. Net sales rose 11% to $4.16 billion from the previous year's $3.75 billion.

Analysts polled by Thomson Reuters expected earnings of $0.93 per share for the quarter. Analysts' estimates typically exclude certain special items.

Q2 Outlook

Applied expects Q2 net sales to be about $4.34 billion, plus or minus $200 million, and non-GAAP adjusted EPS in the range of $0.98 - $1.10. Eighteen Wall Street analysts have a consensus earnings estimate of $0.92 per share and revenue of $4.05 billion for the quarter.