Press release
Applied Materials Announces First Quarter 2020 Results
Quarterly revenue of $4.16 billion, up 11 percent year over yearGAAP EPS of $0.96 and non-GAAP EPS of $0.98, up 20 percent and 21 percent year over year,
About this update from Applied Materials, Inc.
[{"type":"text","content":"Quarterly revenue of $4.16 billion, up 11 percent year over yearGAAP EPS of $0.96 and non-GAAP EPS of $0.98, up 20 percent and 21 percent year over year, respectively Returned $392 million to shareholders SANTA CLARA, Calif., Feb. 12, 2020 (GLOBE NEWSWIRE) -- Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its first quarter ended Jan. 26, 2020.\n First Quarter Results Applied generated revenue of $4.16 billion. On a GAAP basis, the company recorded gross margin of 44.6 percent, operating income of $1.04 billion or 25.0 percent of net sales, and earnings per share (EPS) of $0.96. On a non-GAAP adjusted basis, the company reported gross margin of 44.9 percent, operating income of $1.07 billion or 25.7 percent of net sales, and EPS of $0.98. The company returned $392 million to shareholders including $200 million in share repurchases and dividends of $192 million. “Applied Materials’ first quarter earnings exceeded the top-end of our guidance, giving us great momentum entering 2020,” said Gary Dickerson, president and CEO. “We believe we can deliver strong double-digit growth in our semiconductor business this year as our unique solutions accelerate our customers’ success in the AI-Big Data era.” Quarterly Results Summary Q1 FY2020 Q1 FY2019 Change (In millions, except per share amounts and percentages)Net sales$4,162 $3,753 11%Gross margin44.6% 44.4% 0.2 pointsOperating margin25.0% 24.2% 0.8 pointsNet income$892 $771 16%Diluted earnings per share$0.96 $0.80 20%Non-GAAP Adjusted Results Non-GAAP adjusted gross margin44.9% 44.6% 0.3 pointsNon-GAAP adjusted operating margin25.7% 24.6% 1.1 pointsNon-GAAP adjusted net income$904 $779 16%Non-GAAP adjusted diluted EPS$0.98 $0.81 21% A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also “Use of Non-GAAP Adjusted Financial Measures” section. Business Outlook In the second quarter of fiscal 2020, Applied expects net sales to be approximately $4.34 billion, plus or minus $200 million. Non-GAAP adjusted diluted EPS is expected to be in the range of $0.98 to $1.10. This outlook for non-GAAP adjusted diluted EPS excludes known charges related to completed acquisitions of $0.01 per share, includes the normalized tax benefit of share-based compensation of $0.01 per share and net income tax benefit relate...