Applied Materials: Fiscal Q3 Earnings Snapshot

SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Applied Materials Inc. (AMAT) on Thursday reported fiscal third-quarter earnings of $1.56 billion.

On a per-share basis, the Santa Clara, California-based company said it had net income of $1.85. Earnings, adjusted for non-recurring costs, came to $1.90 per share.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.73 per share.

The maker of chipmaking equipment posted revenue of $6.43 billion in the period, which also beat Street forecasts. Nine analysts surveyed by Zacks expected $6.16 billion.

For the current quarter ending in October, Applied Materials expects its per-share earnings to range from $1.82 to $2.18. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.73.

The company said it expects revenue in the range of $6.11 billion to $6.91 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $6.43 billion.

Applied Materials shares have increased 41% since the beginning of the year, while the S&P's 500 index has climbed 14%. In the final minutes of trading on Thursday, shares hit $137.63, a rise of 30% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMAT at https://www.zacks.com/ap/AMAT