Applied Materials: Fiscal Q1 Earnings Snapshot

SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Applied Materials Inc. (AMAT) on Thursday reported fiscal first-quarter net income of $2.02 billion.

On a per-share basis, the Santa Clara, California-based company said it had profit of $2.41. Earnings, adjusted for one-time gains and costs, were $2.13 per share.

The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.90 per share.

The maker of chipmaking equipment posted revenue of $6.71 billion in the period, also beating Street forecasts. Nine analysts surveyed by Zacks expected $6.47 billion.

For the current quarter ending in April, Applied Materials expects its per-share earnings to range from $1.79 to $2.15.

The company said it expects revenue in the range of $6.1 billion to $6.9 billion for the fiscal second quarter.

Applied Materials shares have increased 16% since the beginning of the year, while the S&P's 500 index has increased slightly more than 5%. In the final minutes of trading on Thursday, shares hit $187.66, an increase of 57% 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