Tuesday February 13 4:14 PM ET
Applied Materials Beats Expectations
SANTA CLARA, Calif. (Reuters) - Applied Materials Inc. on Tuesday
reported first-quarter results that beat diminished forecasts, as the largest
manufacturer of computer chip-making gear suffered from slowing purchases
by semiconductor companies.
For the quarter ended Jan. 28, Applied Materials (NasdaqNM:AMAT -
news) said net income excluding one-time items rose 71 percent to $558
million, or 66 cents a share, from $327 million, or 39 cents, a year earlier.
Sales rose 59 percent to $2.73 billion from $1.72 billion.
The results beat the consensus analyst forecast for earnings per share of 63
cents as compiled by First Call/Thomson Financial. Estimates ranged from 47 cents to 74 cents.
Applied Materials on Jan. 30 warned that its quarterly results would lag forecasts at the time, citing an inventory
build-up, slow personal-computer sales and slow economic growth. Before the warning, analysts had expected
the company to post per-share earnings of 74 cents.
Before the announcement, shares of Applied Materials closed at $41-1/4, down 6.25 percent, on Nasdaq. The
shares are down from a record high of $115 reached on April 7, 2000.