Press release
Applied Materials Announces Second Quarter 2023 Results
Revenue $6.63 billion, up 6 percent year over yearGAAP operating margin 28.8 percent and non-GAAP operating margin 29.1 percent, both down 1.5 points year
About this update from Applied Materials, Inc.
[{"type":"text","content":"Revenue $6.63 billion, up 6 percent year over yearGAAP operating margin 28.8 percent and non-GAAP operating margin 29.1 percent, both down 1.5 points year over yearGAAP EPS $1.86 and non-GAAP EPS $2.00, up 7 percent and 8 percent year over year, respectivelyGenerated $2.29 billion in cash from operations SANTA CLARA, Calif., May 18, 2023 (GLOBE NEWSWIRE) -- Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its second quarter ended April 30, 2023. Second Quarter Results Applied generated revenue of $6.63 billion. On a GAAP basis, the company achieved gross margin of 46.7 percent, operating income of $1.91 billion or 28.8 percent of net sales, and earnings per share (EPS) of $1.86. On a non-GAAP adjusted basis, the company reported gross margin of 46.8 percent, operating income of $1.93 billion or 29.1 percent of net sales, and EPS of $2.00. The company generated $2.29 billion in cash from operations and returned $1.02 billion to shareholders including $800 million in share repurchases and $219 million in dividends. “Applied Materials delivered strong results in our second fiscal quarter with revenues and earnings in the high-end of our guidance range, and we expect to outperform our markets in 2023,” said Gary Dickerson, President and CEO. “Our longer-term outlook is very positive as semiconductors become a larger and more strategically important market globally and major technology inflections are enabled by materials engineering, creating outsized growth opportunities for Applied.” Results Summary Q2 FY2023 Q2 FY2022 Change (In millions, except per share amounts and percentages)Net sales$6,630 $6,245 6%Gross margin 46.7% 46.9% (0.2) pointsOperating margin 28.8% 30.3% (1.5) pointsNet income$1,575 $1,536 3%Diluted earnings per share$1.86 $1.74 7%Non-GAAP Adjusted Results Non-GAAP adjusted gross margin 46.8% 47.0% (0.2) pointsNon-GAAP adjusted operating margin 29.1% 30.6% (1.5) pointsNon-GAAP adjusted net income$1,692 $1,636 3%Non-GAAP adjusted diluted EPS$2.00 $1.85 8% 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 third quarter of fiscal 2023, Applied expects net sales to be approximately $6.15 billion, plus or minus $400 million. Non-GAAP adjusted dilut...