Applied Materials Sales Decline, Beat Expectations
February 14 2019 - 4:52PM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
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