Applied Materials Inc. Q1 Profit Increases, beats estimates

(RTTNews) - Applied Materials Inc. (AMAT) reported a profit for its first quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line came in at $1.79 billion, or $2.00 per share. This compares with $1.13 billion, or $1.22 per share, in last year's first quarter.

Excluding items, Applied Materials Inc. reported adjusted earnings of $1.69 billion or $1.89 per share for the period.

Analysts on average had expected the company to earn $1.85 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 21.5% to $6.27 billion from $5.16 billion last year.

Applied Materials Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $1.79 Bln. vs. $1.13 Bln. last year. -EPS (Q1): $2.00 vs. $1.22 last year. -Analyst Estimate: $1.85 -Revenue (Q1): $6.27 Bln vs. $5.16 Bln last year.

-Guidance: Next quarter EPS guidance: $1.75-$2.05 Next quarter revenue guidance: $6.05-6.65 Bln