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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (13399)	2/18/2004 6:25:40 PM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 95761

The following is a summary article on AMAT's first quarter earnings. cbs.marketwatch.com <<Applied Materials shares rise By Chris Kraeuter, CBS.MarketWatch.com Last Update: 5:24 PM ET Feb. 18, 2004 SAN FRANCISCO (CBS.MW) -- Applied Materials shares jumped late Wednesday following the chip-equipment maker's strong order and sales increases in its fiscal first quarter, as well as its projections for stronger growth in the current period. "Semiconductor unit demand remained robust throughout the quarter, driven by higher consumer electronics and business IT spending," said Chief Executive Mike Splinter during a conference call. Shares of Santa Clara, Calif.-based Applied Materials (AMAT: news, chart, profile) gained 4.7 percent to $23.35 in late trading after closing up 1.7 percent to $22.31 in the regular session. In the fiscal first quarter, which ended Feb. 1, Applied Materials reported net income of $82 million, or 5 cents a share, on revenue of $1.56 billion. During the same quarter last year, Applied Materials lost $66 million, or 4 cents a share, on revenue of $1.05 billion. Excluding $167 million for restructuring charges, Applied Materials earned 12 cents a share, 4 cents better than analysts expected. Also, analysts had expected sales of $1.32 billion. The chip-equipment maker had predicted at the start of its first quarter earnings of 6 to 8 cents a share, not counting one-time charges, on sales of $1.28 billion to $1.3 billion. Applied Materials had predicted charges between $75 million and $125 million related to previously announced cost cuts. The surplus charges came from a laboratory that Applied was planning on utilizing in the future, but the company decided to close it. New orders rose 32 percent sequentially to $1.68 billion compared with the company's target order growth of 20 percent. Applied Material's backlog grew to $2.63 billion compared with $2.35 billion in the previous quarter. For its second quarter, Applied Materials expects sequential order growth of 30 percent, sales of $1.87 billion, and earnings between 17 and 19 cents a share. Analysts had expected, prior to Wednesday, sales of $1.48 billion and earnings of 11 cents a share, on average, according to Reuters Research. "The outlook continues to be promising," said Chief Financial Officer Joe Bronson.>>