Applied Materials: Q3 results

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    Results in line with business outlook in a challenging environment
    Net sales of $2.34 billion with non-GAAP EPS of 24 cents and GAAP EPS of 17 cents
    Operating cash flow exceeded $650 million or 28 percent of net sales
    Share repurchases increased 150% versus the prior quarter to $500 million

SANTA CLARA, Calif. - Applied Materials, Inc., the global leader in  manufacturing solutions for the semiconductor, display and solar industries, today reported results for its third quarter of fiscal 2012 ended July 29, 2012.

Applied generated orders of $1.80 billion and net sales of $2.34 billion. Non-GAAP operating income was $431 million, and non-GAAP net income was $300 million or 24 cents per share. GAAP operating income was $322 million, and GAAP net income was $218 million or 17 cents per share.

"We delivered solid financial performance in line with our outlook despite challenging industry conditions in semiconductor, display and solar," said Mike Splinter, chairman and CEO. " Economic uncertainty is weighing on top of a seasonal pullback to produce weaker near-term demand."

"Applied generated strong operating cash flow and ramped the return of cash to shareholders, buying back 3.6 percent of shares outstanding in the quarter," said George Davis, executive vice president and CFO. "In a difficult environment, we are controlling spending while ensuring we prioritize investment in key areas to support future growth. "

Third quarter results included $44 million of restructuring and asset impairment charges, consisting primarily of costs associated with the EES restructuring plan announced on May 10, 2012. The plan also resulted in inventory-related charges of approximately $13 million that lowered gross margin by approximately half a percentage point and earnings per share by $0.01 on both a GAAP and non-GAAP basis.

During the quarter, Varian generated orders of $241 million and net sales of $294 million which were reported within the Silicon Systems Group (SSG) and Applied Global Services (AGS) segments. The business contributed approximately $0.04 to the company's non-GAAP EPS, which excluded acquisition-related charges equivalent to approximately $0.03 per share.

Applied's non-GAAP results exclude the impact of the following, where applicable: certain discrete tax items, restructuring and asset impairment charges and any associated adjustments related to restructuring actions, certain acquisition-related costs, investment impairments, and gain or loss on sale of facilities. A reconciliation of the GAAP and non-GAAP results is provided in the financial statements included in this release. See also "Use of Non-GAAP Financial Measures" below.

Third Quarter Reportable Segment Results and Comparisons to the Second Quarter

Silicon Systems Group (SSG) orders were $1.17 billion, down 41 percent, primarily due to lower demand from foundry and logic customers. Net sales were $1.55 billion, down 13 percent. Non-GAAP operating income decreased to $482 million or 31.2 percent of net sales. GAAP operating income decreased to $427 million or 27.6 percent of net sales. New order composition was: foundry 58 percent, flash 19 percent, logic and other 13 percent, and DRAM 10 percent.

Applied Global Services (AGS) orders were $531 million, down 18 percent from the prior quarter which benefited from a thin film production line order. Net sales were $579 million, up 5 percent. Non-GAAP operating income increased to $135 million or 23.3 percent of net sales. GAAP operating income increased to $122 million or 21.1 percent of net sales.

Display orders were $67 million, down 20 percent. Net sales were $142 million, up 6 percent. Non-GAAP operating income increased to $12 million or 8.5 percent of net sales. GAAP operating income increased to $10 million or 7 percent of net sales.

Energy and Environmental Solutions (EES) orders were $35 million, down 44 percent. Net sales were $77 million, down 3 percent. EES had a non-GAAP operating loss of $64 million and a GAAP operating loss of $102 million.

Additional Quarterly Financial Information and Comparisons to the Second Quarter

    Backlog decreased by $551 million to $1.82 billion.
    Gross margin was 41.6 percent on a non-GAAP basis, down from 42.1 percent, in line with the decrease in net sales. GAAP gross margin of 39.7 percent was down slightly from 39.8 percent.
    The effective income tax rate was 27.0 percent on a non-GAAP basis and 27.8 percent on a GAAP basis.
    Cash, cash equivalents and investments were essentially flat at $3.2 billion.

Business Outlook

For the fourth quarter of fiscal 2012, Applied expects net sales to be 25 percent to 40 percent lower sequentially. The company expects non-GAAP EPS to be in the range of $0.00 to $0.06. The non-GAAP EPS outlook excludes known charges related to completed acquisitions of approximately $0.05 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. 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. At Applied Materials, we turn today's innovations into the industries of tomorrow. Learn more at

Michael Sullivan (financial community) 408.986.7977
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