Applied Materials Inc. Q1 Profit Increases, Beats Estimates

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

The company's earnings came in at $2.137 billion, or $2.63 per share. This compares with $1.722 billion, or $2.06 per share, last year.

Excluding items, Applied Materials Inc. reported adjusted earnings of $1.940 billion or $2.39 per share for the period.

Analysts on average had expected the company to earn $2.31 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 6.8% to $7.100 billion from $6.646 billion last year.

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

-Earnings: $2.137 Bln. vs. $1.722 Bln. last year. -EPS: $2.63 vs. $2.06 last year. -Revenue: $7.100 Bln vs. $6.646 Bln last year.

-Guidance: Next quarter EPS guidance: $2.15 - $2.55 Next quarter revenue guidance: $6,700 - $7,700