AMAT Applied Materials Inc

   By Maria Armental 
 

Applied Materials Inc. (AMAT) reported first-quarter results on Wednesday. Here's what you need to know:

EARNINGS: First-quarter profit fell to $1.35 million or 13 cents a share, from $703 million, or 65 cents a share, a year earlier. Excluding the U.S. tax-law overhaul impact and other items, profit rose to $1.06 a share from 67 cents a share a year earlier, above the company's forecast of 94 cents to $1.02 a share. Analysts surveyed by Thomson Reuters projected 98 cents a share in adjusted profit.

TAX LAW: The company booked a one-time charge related to the U.S. tax overhaul that reduced profit by 94 cents a share.

REVENUE: Revenue rose 28% to $4.2 billion, at the top end of the company's forecast and above analysts' projected $4.12 billion.

PROFIT MARGIN: Gross profit margin improved to 45.7% from 44.1% a year earlier.

OUTLOOK: This quarter, the semiconductor equipment supplier projects $1.10 to $1.18 a share in adjusted profit and $4.35 billion to $4.55 billion in revenue, compared with analysts' projected $1.02 a share on $4.24 billion in revenue.

STOCK: Shares, up 48% over the past 12 months, rose 3% to $53.57 in after-hours trading.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

February 14, 2018 16:32 ET (21:32 GMT)

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