Applied Materials Inc. late Thursday announced results and an outlook that topped Wall Street estimates but shares did little in the extended session.
The chip-industry supplier reported fiscal first-quarter net income of $1.13 billion, or $1.22 a share, compared with $892 million, or 96 cents a share, in the year-ago period. Adjusted earnings, which exclude items like restructuring and severance expenses and others, were $1.39 a share, compared with 98 cents a share in the year-ago period.
Revenue rose to $5.16 billion from $4.16 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast $1.28 a share on revenue of $4.98 billion.
forecast adjusted earnings of $1.44 to $1.56 a share on revenue of $5.19 billion to $5.59 billion for the second quarter. Analysts had estimated $1.28 a share on revenue of $4.96 billion.
“In our first fiscal quarter, we’ve seen a continued acceleration of demand in our semiconductor business as major macro and industry trends fuel increasing consumption of silicon across a wide range of markets and applications,” said Gary Dickerson, Applied Materials chief executive, in a statement. “We have strong momentum across the company, as our broad portfolio and exposure to technology inflections, combined with the traction of our new products, put us in a great position to substantially outgrow our markets again in 2021 and beyond.”
Applied Materials shares fluctuated between slight gains and losses after hours, following a 2% decline in the regular session to close at $113.43. The stock is up 74% over the past 12 months while the PHLX Semiconductor Index
has gained 63%.