Applied Materials: First Quarter Results
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SANTA CLARA, Calif. - Applied Materials, Inc. (NASDAQ:AMAT), the global leader in manufacturing solutions for the semiconductor, display and solar industries, reported results for its first quarter of fiscal 2013 ended January 27, 2013.
Applied generated orders of $2.11 billion and net sales of $1.57 billion. The company reported operating income of $39 million and net income of $34 million or 3 cents per diluted share. Non-GAAP operating income was $112 million, and non-GAAP net income was $69 million or 6 cents per share, at the high end of the business outlook.
"We executed well through the bottom of this industry investment cycle and, with our semiconductor orders up over 80 percent from the previous quarter, we are optimistic about the potential of our markets this year," said Mike Splinter, chairman and chief executive officer. "2013 looks to be another strong year for mobile products like smartphones and tablets, and customers are increasingly turning to Applied to help solve the technology challenges they face in this growing market."
Quarterly Results Summary
GAAP Results Q1 FY2013 Q4 FY2012 Q1 FY2012
Net sales $1.57 billion $1.65 billion $2.19 billion
Operating income (loss) $39 million $(499) million $179 million
Net income (loss) $34 million $(515) million $117 million
Diluted earnings (loss) per share (EPS) $0.03 $(0.42) $0.09
Non-GAAP operating income $112 million $114 million $344 million
Non-GAAP net income $69 million $70 million $240 million
Non-GAAP diluted EPS $0.06 $0.06 $0.18
Applied's non-GAAP results exclude the impact of the following, where applicable: certain discrete tax items; restructuring charges and any associated adjustments; certain acquisition-related costs; and impairments of assets, goodwill, or investments. 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" below.
First Quarter Reportable Segment Results and Comparisons to the Prior Quarter
Silicon Systems Group (SSG) orders were $1.36 billion, up 84 percent primarily due to increased demand in foundry and memory, partially offset by lower orders in logic. Net sales were $969 million, up 11 percent. Non-GAAP operating income increased to $180 million or 18.6 percent of net sales. GAAP operating income increased to $134 million or 13.8 percent of net sales. New order composition was: foundry 73 percent, logic and other 12 percent, flash 8 percent, and DRAM 7 percent.
Applied Global Services (AGS) orders were $544 million, down 6 percent primarily due to lower orders of 200mm equipment. Net sales were $471 million, down 24 percent from the prior quarter which benefited from the sale of a thin film production line. Non-GAAP operating income decreased to $91 million or 19.3 percent of net sales. GAAP operating income decreased to $89 million or 18.9 percent of net sales.
Display orders were $138 million, up 66 percent from low levels. Net sales were $87 million, down 6 percent. Non-GAAP operating income increased to $5 million or 5.7 percent of net sales. GAAP operating income remained at $3 million or 3.4 percent of net sales.
Energy and Environmental Solutions (EES) orders were $68 million, up 5 percent from low levels, with the majority of orders for web coating equipment. Net sales were $46 million, down 26 percent. EES had a non-GAAP operating loss of $44 million and a GAAP operating loss of $54 million.
Additional Quarterly Financial Information
Backlog increased by 31 percent sequentially to $2.11 billion including negative adjustments of $40 million.
Gross margin was 39.8 percent on a non-GAAP basis, up from 38.4 percent in the prior quarter due to a more favorable product mix. GAAP gross margin was 37.0 percent.
Operating expenses were $514 million on a non-GAAP basis, below the company's expectation due to approximately $20 million in favorable expense items. GAAP operating expenses were $543 million.
The effective tax rate was 24.2 percent on a non-GAAP basis. The GAAP effective tax rate was a benefit of 88.9 percent, reflecting the favorable resolution of a tax audit and the reinstatement of the U.S. R&D tax credit.
The company paid $108 million in cash dividends and used $48 million to repurchase 4 million shares of its common stock.
Cash, cash equivalents and investments ended the quarter at $2.82 billion.
For the second quarter of fiscal 2013, Applied expects net sales to be up 15 to 25 percent sequentially. The company expects non-GAAP EPS to be in the range of $0.09 to $0.15. The non-GAAP EPS outlook excludes known charges related to completed acquisitions of approximately $0.04 per share but does not exclude other non-GAAP adjustments that may arise subsequent to this release.
Use of Non-GAAP Financial Measures
Management uses non-GAAP results to evaluate the company's operating and financial performance in light of business objectives and for planning purposes. These measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. Applied believes these measures enhance investors' ability to review the company's business from the same perspective as the company's management and facilitate comparisons of this period's results with prior periods. The presentation of this additional information should not be considered a substitute for results prepared in accordance with GAAP.
About Applied Materials
Applied Materials, Inc. (Nasdaq:AMAT) is the global leader in providing innovative equipment, services and software to enable the manufacture of advanced semiconductor, flat panel display and solar photovoltaic products. Our technologies help make innovations like smartphones, flat screen TVs and solar panels more affordable and accessible to consumers and businesses around the world. Learn more at www.appliedmaterials.com.
Michael Sullivan (financial community) 408.986.7977