Applied Materials Reports Q2 In Line; Guides Q3

(RTTNews) - Applied Materials, Inc. (AMAT) reported net income for the second quarter of $262 million or $0.21 per share, compared to a net loss of $129 million or $0.11 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $348 million or $0.28 per share, compared to $199 million or $0.16 per share in the prior year quarter.

Net sales for the second quarter rose to $2.35 billion from $1.97 billion a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $0.28 per share on revenue of $2.35 billion for the second quarter. Analysts' estimates typically exclude special items.

Looking forward, the company forecasts net sales to be in the range of flat to down 5% sequentially and up by about 13% to 19% year-over-year. The company expects third quarter adjusted earnings per share to be in the range of $0.25 to $0.29. Analysts currently expect the company to earn $0.27 per share on year-over-year revenue growth of 17.4% for the third quarter.