U.S. Markets close in 2 hrs 4 mins

Applied Materials: Fiscal 4Q Earnings Snapshot

SANTA CLARA, Calif. (AP) _ Applied Materials Inc. (AMAT) on Thursday reported fiscal fourth-quarter net income of $698 million.

The Santa Clara, California-based company said it had profit of 75 cents per share. Earnings, adjusted for non-recurring costs, came to 80 cents per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.

The maker of chipmaking equipment posted revenue of $3.75 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $3.68 billion.

For the year, the company reported profit of $2.71 billion, or $2.86 per share. Revenue was reported as $14.61 billion.

For the current quarter ending in February, Applied Materials expects its per-share earnings to range from 87 cents to 95 cents.

The company said it expects revenue in the range of $3.95 billion to $4.25 billion for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $3.7 billion.

Applied Materials shares have climbed 74% since the beginning of the year, while the Standard & Poor's 500 index has risen 24%. In the final minutes of trading on Thursday, shares hit $56.96, a climb of 70% in the last 12 months.


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