Applied Materials Q2 Profit Rises

(RTTNews) - Applied Materials Inc. (AMAT) Thursday reported second-quarter net income of $1.33 billion or $1.43 per share, up from $755 million or $0.82 per share last year.

Adjusted earnings for the quarter were $1.51 billion or $1.63 per share, compared to $817 million or $0.89 per share last year.

Net sales for the quarter surged to 41% to $5.58 billion from $3.96 billion last year.

Analysts polled by Thomson Reuters expected earnings of $1.51 per share on revenues of $5.41 billion for the quarter. Analysts' estimates typically exclude one-time items.

Looking forward to the third quarter, Applied Material expects sales of about $5.92 billion, plus or minus $200 million, and adjusted earnings of $1.70 to $1.82 per share. Analysts currently estimate earnings of $1.56 per share on revenues of $5.53 billion.