Applied Materials Results Top Estimates

(RTTNews) - Applied Materials Inc (AMAT), a leading supplier in the semiconductor market, on Thursday reported second-quarter net earnings of $364 million or $0.29 per share compared with $262 million or $0.21 per share last year.

Revenues for the quarter were up at $2.44 billion compared with $2.35 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.28 per share on revenues of $2.4 billion for the quarter. Analysts' estimates typically exclude special items.

"Applied posted our highest quarterly revenue in the past three years and earnings near the top of our guidance range," said CEO Gary Dickerson. "These results demonstrate that Applied is delivering the enabling products and services our customers need as they transition complex new devices into volume production."

For the third quarter, the company expects adjusted earnings of $0.31 to $0.35 per share, and sales to grow 2 percent to 6 percent from the prior quarter. Analysts expect earnings of $0.33 per share on revenues of $2.52 billion.

Shares of the company were up $0.39 or 1.96% at $20.25 in after-hours trade on the Nasdaq.