Applied Materials Sales Decline, Beat Expectations

   By Patrick Thomas

Applied Materials Inc. (AMAT) said its adjusted profit fell for its fiscal first quarter as sales dropped 11% for the semiconductor manufacturer, but it still slightly beat analysts' estimates.

The Santa Clara, Calif.-based company reported a profit of $771 million, or 80 cents a share, compared with $165 million, or 15 cents a share, a year ago, due to an income-tax provision.

Excluding one-time items, the company posted a profit of 81 cents a share. Analysts polled by FactSet were expecting earnings of 79 cents a share on an adjusted basis.

Total sales fell to $3.75 billion from $4.21 billion a year earlier. Analysts had expected $3.71 billion of revenue in the quarter. Semiconductor sales fell to $2.27 billion from $2.85 billion the prior year. In prepared remarks, the company called the first quarter a challenging business environment.

Shares fell about 2% during after-hours trading.

Write to Patrick Thomas at patrick.thomas@wsj.com

(END) Dow Jones Newswires

February 14, 2019 16:37 ET (21:37 GMT)

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