Another reiteration for AMAT and PLAB.
<<First Albany Capital, Inc. (PLAB, AMAT) JagNotes.com
19 May 2004, 11:05am ET
AMAT: Reit Buy - Applied Materials reported 2Q (Apr.) earnings of $0.22 per share on revenue of $2.02 billion versus our estimates of $0.19 on $1.90 billion, respectively, which were in line with the consensus. Bookings for the quarter came in at $2.21 billion, up 32% from $1.68 billion in 1Q. This was above the company`s initial guidance of 30% sequential growth. For 3Q (July), the company guided bookings to sequential growth of 5% to 10%, or $2.3 billion to $2.4 billion. The gross margin of 46.5% was below our model, but up 300 basis points from 1Q.Operating income was $515 million, up $55 million from our model.
PLAB: Reit Buy - Photronics reported 2Q earnings of $0.17 per share on revenue of $97.2 million, above our estimate of $0.15 per share and the Street consensus of $0.14 per share. Revenue of $97.2 million was higher than our estimate of $95.0 million and the consensus of $95.9 million. Revenues increased 7% sequentially and 14% year over year. EPS grew 75% sequentially. The gross margin of 34% was 100 basis points below our model, but up 240 basis points sequentially. Operating income was $12.2 million, or $0.2 million above our model. The upside in operating income was driven by better-than-expected revenue and lower-than-expected below-the-line spending, offset by lower-than-expected gross margins. Cash on the balance sheet increased $6.0 million sequentially to $242 million.Accounts receivable were $63.8 million, up $3.9 million sequentially, and DSO was unchanged at 60 days. |
