AMAT blew away its numbers: 61 cents vs 53 cent estimated.
No position, but I traded it today.
Reuters, Tuesday, August 17, 1999 at 16:24
SAN FRANCISCO, Aug. 17 (Reuters) - Applied Materials Inc.
(NASDAQ:AMAT) on Tuesday reported a third-quarter profit that far
surpassed analyst forecasts as sales at the world's largest
maker of semiconductor equipment surged 62 percent.
The company had net income for the quarter ended Aug. 1 of
$244.4 million, or 61 cents a share, up from $70.6 million, or
19 cents a share, a year ago. The results topped the 53 cents a
share analysts were expecting, according to First
Call/Thompson, which tracks such figures.
Sales were $1.43 billion, up from $884 million in the year
ago quarter and were 28 percent higher than $1.12 billion in
the second quarter. New orders in the quarter rose 140 percent
to a record $1.46 billion from $608 million a year ago and
climbed 5 percent from $1.39 billion in the second quarter.
The results from Applied confirm that the semiconductor
industry is rebounding from its worst slump ever, which was
sparked by the Asian economic crisis and a glut of certain
types of semiconductors.
"Our customers are experiencing the early stages of a
broad-based recovery, fueled by low inventories and strong
demand across all product categories, with particular strength
in communications and consumer electronic products," said James
Morgan, Applied Chairman in a statement.
Applied stock climbed $1.25 to close at $71.75 on the
Nasdaq, far above its year-low of $21.56. The company reported
the results after the close of regular U.S. trading.
Copyright 1999, Reuters News Service
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