Applied Materials: Q3 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 third quarter of fiscal 2013 ended July 28, 2013.

Applied generated orders of $2.00 billion, down 12 percent from the prior quarter as a seasonal decline in foundry bookings was partially offset by growth in memory and logic orders along with higher bookings in the Display Group and Applied Global Services. Net sales were $1.98 billion, essentially flat sequentially. The company reported non-GAAP adjusted operating income of $312 million and non-GAAP adjusted net income of $223 million or 18 cents per diluted share. The company recorded GAAP operating income of $250 million and GAAP net income of $168 million or 14 cents per diluted share.

"Consumers' appetite for mobile devices and larger TVs is driving healthy demand for our semiconductor and display equipment," said Mike Splinter, chairman and chief executive officer. "We are seeing stronger investment by our memory customers, and our display business booked its highest orders in over two years."

Quarterly Results Summary
GAAP Results         Q3 FY2013         Q2 FY2013         Q3 FY2012
Net sales         $1.98 billion         $1.97 billion         $2.34 billion
Operating income (loss)         $250 million         $(68) million         $322 million
Net income (loss)         $168 million         $(129) million         $218 million
Diluted earnings (loss) per share (EPS)         $0.14         $(0.11)         $0.17
Non-GAAP Adjusted Results                         
Non-GAAP adjusted operating income         $312 million         $285 million         $431 million
Non-GAAP adjusted net income         $223 million         $199 million         $300 million
Non-GAAP adjusted diluted EPS         $0.18         $0.16         $0.24

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 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" below.

Third Quarter Reportable Segment Results and Comparisons to the Prior Quarter

Silicon Systems Group (SSG) orders were $1.20 billion, down 22 percent, due to a decrease in foundry orders, partially offset by increases in memory and logic orders. Net sales of $1.27 billion declined 1 percent. Non-GAAP adjusted operating income decreased to $283 million or 22.2 percent of net sales. GAAP operating income decreased to $246 million or 19.3 percent of net sales. New order composition was: foundry 45 percent; flash 24 percent; logic/other 17 percent; and DRAM 14 percent.

Applied Global Services (AGS) orders were $517 million, up 7 percent, reflecting higher orders for spares and 200mm equipment. Net sales were $497 million down 4 percent. Non-GAAP adjusted operating income was approximately flat at $116 million or 23.3 percent of net sales. GAAP operating income was approximately flat at $114 million or 22.9 percent of net sales.

Display orders were $256 million, up 31 percent led by a recovery in TV equipment demand. Net sales were $161 million up 27 percent. Non-GAAP adjusted operating income increased to $34 million or 21.1 percent of net sales. GAAP operating income increased to $33 million or 20.5 percent of net sales.

Energy and Environmental Solutions (EES) orders were $19 million, down 51 percent. Net sales were $45 million, up 18 percent. EES had a non-GAAP adjusted operating loss of $15 million; EES recorded a GAAP operating loss of $27 million, which included restructuring and impairment charges of $10 million.

Additional Quarterly Financial Information

    Backlog was approximately flat sequentially at $2.29 billion including negative adjustments of $28 million.
    Gross margin was 42.9 percent on a non-GAAP adjusted basis, down slightly from 43.2 percent in the prior quarter. GAAP gross margin was 40.8 percent.
    On a year-over-year basis, G&A declined by $40 million, or 29 percent, while RD&E increased by $25 million, or 8 percent. These changes primarily reflect the impact of ongoing initiatives to reduce company overhead spending and increase funding of profitable growth opportunities, particularly in the Silicon Systems Group.
    The effective tax rate was 23.9 percent on a non-GAAP adjusted basis. The GAAP effective tax rate was 26.3 percent.
    The company paid $120 million in cash dividends, up 11 percent from the prior quarter, reflecting the quarterly dividend increase announced in March 2013. Applied also used $50 million to repurchase 3 million shares of its common stock.
    Cash, cash equivalents and investments ended the quarter at $3.03 billion, up 6 percent from the prior quarter.

Business Outlook

For the fourth quarter of fiscal 2013, Applied expects net sales to be approximately flat as compared to the previous quarter. The company expects non-GAAP adjusted operating expenses to be in the range of $525 million, plus or minus $10 million. Non-GAAP adjusted EPS is expected to be in the range of $0.16 to $0.20. The non-GAAP adjusted operating expenses and EPS outlooks exclude known charges related to completed acquisitions of approximately $19 million and $0.04 per share, respectively, but do 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

Michael Sullivan (financial community) 408.986.7977
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