Applied Materials: Q1 Results

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SANTA CLARA, California - 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 2014 ended January 26, 2014.

Applied generated orders of $2.29 billion, up 9 percent from the prior quarter led by demand for Silicon Systems Group products. Net sales were $2.19 billion, up 10 percent sequentially. Non-GAAP adjusted gross margin increased to 42.5 percent while non-GAAP adjusted operating income grew 18 percent sequentially to $380 million or 17.4 percent of net sales. Non-GAAP adjusted net income grew 22 percent sequentially to $279 million or 23 cents per diluted share. The company recorded GAAP gross margin of 40.7 percent, operating income of $330 million or 15.1 percent of net sales, and net income of $253 million or 21 cents per diluted share.

"In our first fiscal quarter, Applied Materials delivered earnings near the high end of our guidance range, while demonstrating momentum in revenue, orders and market share," said Gary Dickerson, Chief Executive Officer.  "This performance reflects healthy investment by our semiconductor and display customers and major technology trends that are playing to our strengths in precision materials engineering."

Applied's non-GAAP adjusted results exclude the impact of the following, where applicable: certain acquisition-related costs; restructuring charges and any associated adjustments; impairments of assets, goodwill, or investments; gain or loss on sale of facilities and strategic investments; and certain tax items. 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.

First Quarter Reportable Segment Results and Comparisons to the Prior Quarter

Silicon Systems Group (SSG) orders were $1.57 billion, up 13 percent, with growth in foundry and flash partially offset by decreases in logic/other and DRAM. Net sales increased 19 percent to $1.48 billion. Non-GAAP adjusted operating income increased to $357 million or 24.1 percent of net sales. GAAP operating income increased to $314 million or 21.2 percent of net sales. New order composition was: foundry 60 percent; flash 27 percent; logic/other 8 percent; and DRAM 5 percent.

Applied Global Services (AGS) orders were $597 million, up 9 percent, primarily due to growth in 200mm equipment and services. Net sales of $507 million were down 6 percent. Non-GAAP adjusted operating income increased to $126 million or 24.9 percent of net sales. GAAP operating income increased to $125 million or 24.7 percent of net sales.

Display orders of $79 million were down 31 percent, while net sales declined slightly to $159 million. Non-GAAP adjusted operating income increased to $27 million or 17.0 percent of net sales. GAAP operating income increased to $26 million or 16.4 percent of net sales.

Energy and Environmental Solutions (EES) orders of $40 million were flat. Net sales declined 9 percent to $40 million. EES had a non-GAAP adjusted operating loss of $10 million and a GAAP operating loss of $11 million.

Backlog grew 3 percent to $2.44 billion including negative adjustments of $32 million, primarily related to currency adjustments. Backlog composition by segment was:  SSG 56 percent; AGS 27 percent; Display 12 percent; and EES 5 percent.

Business Outlook

For the second quarter of fiscal 2014, Applied expects net sales to be up 3 percent to 10 percent from the previous quarter. Non-GAAP adjusted diluted EPS is expected to be in the range of 25 cents to 29 cents.

Applied's second quarter non-GAAP adjusted diluted EPS outlook excludes known charges related to completed acquisitions and integration costs of 3 cents. The company's second quarter business outlook does not exclude other non-GAAP adjustments that may arise subsequent to this release.

Use of Non-GAAP Adjusted Financial Measures

Management uses non-GAAP adjusted 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

Kevin Winston (editorial/media) 408.235.4498
Michael Sullivan (financial community) 408.986.7977
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