Applied Materials (AMAT) Q2 Earnings & Revenues Top Estimates

17.05.24 18:33 Uhr

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Applied Materials Inc. AMAT reported second-quarter fiscal 2024 non-GAAP earnings of $2.09 per share, surpassing the Zacks Consensus Estimate by 6.1%. Moreover, the figure improved 5% from the year-ago quarter’s reported number.Net revenues of $6.65 billion were up 0.2% from the year-ago quarter. The figure surpassed the Zacks Consensus Estimate of $6.51 billion.Strong momentum in the Applied Global Services (“AGS”) segment was a positive. Improving the Display segment contributed well. AMAT also experienced solid momentum across China and Southeast Asia in the reported quarter.Shares of Applied Materials have gained 32.2% over a year, outperforming the industry’s rally of 26.3%.However, softness in the Semiconductor Systems segment remained a headwind. Weakening momentum across Taiwan, Korea, the United States and Europe was a major negative.Applied Materials, Inc. Price, Consensus and EPS Surprise  Applied Materials, Inc. price-consensus-eps-surprise-chart | Applied Materials, Inc. QuoteSegments in DetailSemiconductor Systems generated revenues worth $4.9 billion, which contributed 73.7% to its net revenues, reflecting a decline of 1.5% from the year-ago quarter. The figure surpassed the Zacks Consensus Estimate of $4.8 billion.AGS reported revenues of $1.53 billion (23% of net revenues), up 7.1% from the prior-year quarter. The figure surpassed the Zacks Consensus Estimate of $1.50 billion.Revenues from Display and Adjacent Markets were $179 million (2.8% of net revenues), up 6.5% from the year-ago quarter. The figure beat the Zacks Consensus Estimate of $150 million.Corporate and Other revenues were $36 million (0.5% of revenues), down 36.8% year over year.Revenues by GeographyThe United States, Europe, Japan, Korea, Taiwan, Southeast Asia and China generated revenues of $853 million, $289 million, $453 million, $988 million, $1.02 billion, $213 million and $2.83 billion, contributing 13%, 4%, 7%, 15%, 15%, 3% and 43% to net sales, respectively.Revenues in Southeast Asia and China increased 35.7% and 101.5%, respectively, from the year-ago quarter. Revenues in the United States, Europe, Japan, Korea, Taiwan and Southeast Asia fell 23.4%, 39.4%, 1.5%, 37.6% and 28.9%, respectively, from the year-ago quarter.Operating ResultsThe non-GAAP gross margin was 47.5%, which expanded 70 basis points (bps) from the year-ago quarter.Operating expenses were $1.24 billion, up 4.9% from the year-ago quarter. As a percentage of sales, the figure expanded 90 bps from the year-earlier quarter to 18.7%.The non-GAAP operating margin of 29% for the reported quarter contracted 10 bps year over year.Balance Sheet & Cash FlowAs of Apr 28, 2024, cash, cash equivalent balances, and short-term investments were $7.6 billion, up from $7.5 billion as of Jan 28, 2024.Inventories were $5.7 billion in second-quarter fiscal 2024 compared with $5.6 billion in first-quarter fiscal 2024. Accounts receivables increased to $4.8 billion in the reported quarter from $4.7 billion in the previous quarter.The long-term debt was $5.463 billion at the end of the reported quarter compared with $5.462 billion at the end of the previous quarter.Applied Materials generated a cash flow of $1.4 billion, down from $2.3 billion in the prior quarter.AMAT returned $1.09 billion to its shareholders, of which share repurchases were worth $820 million and dividend payments amounted to $266 million.GuidanceFor third-quarter fiscal 2024, Applied Materials expects net sales of $6.65 billion (+/-$400 million). The Zacks Consensus Estimate for the same is pegged at $6.5 billion.AMAT anticipates Semiconductor Systems, AGS and Display sales to be $4.80 billion, $1.57 billion and $245 million, respectively.Applied Materials expects a non-GAAP gross margin of 47% and non-GAAP operating expenses of $1.26 billion. It projects a non-GAAP tax rate of 12.3%.Management expects non-GAAP earnings per share of $1.83-$2.19. The Zacks Consensus Estimate for the same is pegged at $1.94.Zacks Rank & Stocks to ConsiderCurrently, Applied Materials carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader technology sector are Salesforce CRM, CrowdStrike CRWD and Intuit INTU, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Shares of Salesforce have gained 8.3% in the year-to-date period. The long-term earnings growth rate for CRM is 17.45%.Shares of CrowdStrike have gained 32.8% in the year-to-date period. The long-term earnings growth rate for CRWD is projected at 22.31%.Shares of Intuit have gained 4.8% in the year-to-date period. The long-term earnings growth rate for INTU is 14.57%.Research Chief Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Salesforce Inc. (CRM): Free Stock Analysis Report Intuit Inc. (INTU): Free Stock Analysis Report Applied Materials, Inc. (AMAT): Free Stock Analysis Report CrowdStrike (CRWD): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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Analysen zu Applied Materials Inc.

DatumRatingAnalyst
19.05.2023Applied Materials BuyJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
19.11.2021Applied Materials KaufenDZ BANK
16.08.2019Applied Materials HoldCraig Hallum
16.08.2019Applied Materials OutperformCowen and Company, LLC
17.05.2019Applied Materials BuyB. Riley FBR
DatumRatingAnalyst
19.05.2023Applied Materials BuyJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
19.11.2021Applied Materials KaufenDZ BANK
16.08.2019Applied Materials OutperformCowen and Company, LLC
17.05.2019Applied Materials BuyB. Riley FBR
17.05.2019Applied Materials OutperformCowen and Company, LLC
DatumRatingAnalyst
16.08.2019Applied Materials HoldCraig Hallum
16.11.2018Applied Materials NeutralB. Riley FBR
29.10.2018Applied Materials NeutralB. Riley FBR
01.10.2018Applied Materials HoldDeutsche Bank AG
16.02.2017Applied Materials Sector PerformRBC Capital Markets
DatumRatingAnalyst
05.10.2015Applied Materials UnderperformRBC Capital Markets
22.07.2013Applied Materials verkaufenExane-BNP Paribas SA
26.03.2013Applied Materials verkaufenExane-BNP Paribas SA
12.12.2012Applied Materials underperformExane-BNP Paribas SA
19.11.2012Applied Materials underperformExane-BNP Paribas SA

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