Reiteration of AMAT today.
<<Friedman, Billings, Ramsey & Co., Inc. JagNotes.com
19 May 2004, 10:56am ET
AMAT: Reit Outperform - Results better than expected.
Reported revenues of $2,018M were better than our above-consensus estimate of $1,900M; reported EPS was $0.03 above consensus' and our estimates of $0.19. Reported revenues were up nearly 30% QOQ vs. guidance of up 20%, and up 82% YOY.
Bookings slightly above company guidance. Reported bookings of $2,210M were up 31% QOQ and up 173% YOY, also slightly above guidance of up 30% QOQ but below our expectation of up 35%. Nonetheless, when considering the company`s July quarter bookings guidance, bookings, on aggregate, exceeded our expectations.
Orders broadening. The number of orders valued between $10M and $50M increased to 20 from 13 during the January quarter. Additionally, there were six orders reported worth greater than $100M, well above the two orders reported for the January quarter.
FPD orders coming on strong. This segment accounts for ~ 10% of the total revenues, a mix that is expected to increase by 2-3 points through CY05. Our above-consensus estimates unchanged; we reiterate Outperform and $30 target.>> |
