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Applied Materials: Fiscal 1Q Earnings Snapshot

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SANTA CLARA, Calif. (AP) _ Applied Materials Inc. (AMAT) on Thursday reported fiscal first-quarter earnings of $1.13 billion.

The Santa Clara, California-based company said it had profit of $1.22 per share. Earnings, adjusted for non-recurring costs, were $1.39 per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.27 per share.

The maker of chipmaking equipment posted revenue of $5.16 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $4.98 billion.

For the current quarter ending in May, Applied Materials expects its per-share earnings to range from $1.44 to $1.56. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.22.

The company said it expects revenue in the range of $5.19 billion to $5.59 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $4.84 billion.

Applied Materials shares have climbed 31% since the beginning of the year, while the Standard & Poor's 500 index has increased 4%. In the final minutes of trading on Thursday, shares hit $113.46, a rise of 74% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMAT at https://www.zacks.com/ap/AMAT