Press release
Applied Materials Announces Third Quarter 2023 Results
Revenue $6.43 billion, down 1 percent year over yearGAAP operating margin 28.0 percent and non-GAAP operating margin 28.3 percent, down 1.5 points and 1.7
About this update from Applied Materials, Inc.
[{"type":"text","content":"Revenue $6.43 billion, down 1 percent year over yearGAAP operating margin 28.0 percent and non-GAAP operating margin 28.3 percent, down 1.5 points and 1.7 points year over year, respectivelyGAAP EPS $1.85 and non-GAAP EPS $1.90, flat and down 2 percent year over year, respectivelyGenerated $2.58 billion in cash from operations SANTA CLARA, Calif., Aug. 17, 2023 (GLOBE NEWSWIRE) -- Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its third quarter ended July 30, 2023. Third Quarter Results Applied generated revenue of $6.43 billion. On a GAAP basis, the company reported gross margin of 46.3 percent, operating income of $1.80 billion or 28.0 percent of net sales, and earnings per share (EPS) of $1.85. On a non-GAAP adjusted basis, the company reported gross margin of 46.4 percent, operating income of $1.82 billion or 28.3 percent of net sales, and EPS of $1.90. The company generated $2.58 billion in cash from operations and distributed $707 million to shareholders including $439 million in share repurchases and $268 million in dividends. “Applied Materials executed well in our fiscal third quarter, with revenue and earnings at the high end of our guidance range,” said Gary Dickerson, President and CEO. “Over the past several years, we have focused our strategy and investments on key technologies to accelerate the Internet of Things and AI era, enabling us to consistently deliver strong results in 2023 and positioning Applied Materials for sustainable outperformance.” Results Summary Q3 FY2023 Q3 FY2022 Change (In millions, except per share amounts and percentages)Net sales$6,425 $6,520 (1)%Gross margin 46.3% 46.1% 0.2 pointsOperating margin 28.0% 29.5% (1.5) pointsNet income$1,560 $1,606 (3)%Diluted earnings per share$1.85 $1.85 — Non-GAAP Adjusted Results Non-GAAP adjusted gross margin 46.4% 46.2% 0.2 pointsNon-GAAP adjusted operating margin 28.3% 30.0% (1.7) pointsNon-GAAP adjusted net income$1,600 $1,683 (5)%Non-GAAP adjusted diluted EPS$1.90 $1.94 (2)% 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 fourth quarter of fiscal 2023, Applied expects net sales to be approximately $6.51 billion, plus or minus $400 million. Non-GAAP adjusted diluted EPS is ex...