Press release
Applied Materials Announces Third Quarter 2024 Results
Revenue $6.78 billion, up 5 percent year over yearGAAP operating margin 28.7 percent and non-GAAP operating margin 28.8 percent, up 0.7 points and 0.5 points
About this update from Applied Materials, Inc.
[{"type":"text","content":"Revenue $6.78 billion, up 5 percent year over yearGAAP operating margin 28.7 percent and non-GAAP operating margin 28.8 percent, up 0.7 points and 0.5 points year over year, respectivelyGAAP EPS $2.05 and non-GAAP EPS $2.12, up 11 percent and 12 percent year over year, respectivelyGenerated $2.39 billion in cash from operations SANTA CLARA, Calif., Aug. 15, 2024 (GLOBE NEWSWIRE) -- Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its third quarter ended Jul. 28, 2024. Third Quarter Results Applied generated record revenue of $6.78 billion. On a GAAP basis, the company reported gross margin of 47.3 percent, operating income of $1.94 billion or 28.7 percent of net revenue, and earnings per share (EPS) of $2.05. On a non-GAAP basis, the company reported gross margin of 47.4 percent, operating income of $1.95 billion or 28.8 percent of net revenue, and EPS of $2.12. The company generated $2.39 billion in cash from operations and distributed $1.19 billion to shareholders including $861 million in share repurchases and $331 million in dividends. “Applied Materials is delivering strong results in 2024 with record revenues in our fiscal third quarter and earnings towards the high end of our guided range,” said Gary Dickerson, President and CEO. “The race for AI leadership is fueling demand for our unique and connected portfolio of products and services, positioning Applied to outperform our markets over the longer term.” Results Summary Q3 FY2024 Q3 FY2023 Change (In millions, except per share amounts and percentages)Net revenue$6,778 $6,425 5%Gross margin 47.3% 46.3% 1.0 pointOperating margin 28.7% 28.0% 0.7 pointsNet income$1,705 $1,560 9%Diluted earnings per share$2.05 $1.85 11%Non-GAAP Results Non-GAAP gross margin 47.4% 46.4% 1.0 pointNon-GAAP operating margin 28.8% 28.3% 0.5 pointsNon-GAAP net income$1,767 $1,600 10%Non-GAAP diluted EPS$2.12 $1.90 12%Non-GAAP free cash flow$2,088 $2,328 (10)% A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release. See also “Use of Non-GAAP Financial Measures” section. Business Outlook In the fourth quarter of fiscal 2024, Applied expects net revenue to be approximately $6.93 billion, plus or minus $400 million. Non-GAAP diluted EPS is expected to be in the range of $2.00 to $2.36. This outlook for non-GAAP diluted EPS exclude...