15.11.14

Applied Materials: Q4 & Fiscal Year 2014 Results

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    Q4 net sales of  $2.26 billion up 14% year over year (YOY) led by growth in semiconductor equipment and services
    Q4 non-GAAP adjusted gross margin of 44.2% up 220 bps YOY; GAAP gross margin of 42.4% up 240 bps YOY
    Q4 non-GAAP adjusted operating income of $442 million up 37% YOY; GAAP operating income of $412 million up 95% YOY
    Q4 non-GAAP adjusted EPS of $0.27 up 42% YOY; GAAP EPS of $0.23 up 53% YOY

SANTA CLARA, Calif., Nov. 13, 2014 - Applied Materials, Inc. (NASDAQ:AMAT), the global leader in precision materials engineering solutions for the semiconductor, display and solar industries, today reported results for its fourth quarter and fiscal year ended October 26, 2014.

In its fourth quarter, Applied generated orders of $2.26 billion, down 9 percent sequentially and up 8 percent year over year. Net sales were $2.26 billion, flat sequentially and up 14 percent year over year.

On a non-GAAP adjusted basis, the company reported gross margin of 44.2 percent, operating income of $442 million, and net income of $338 million or $0.27 per diluted share. The company recorded GAAP gross margin of 42.4 percent, operating income of $412 million, and net income of $290 million or $0.23 per diluted share.

Full Year Results

In FY2014, orders grew 14 percent to $9.65 billion, net sales increased 21 percent to $9.07 billion, non-GAAP adjusted gross margin increased 200 basis points to 44.1 percent, non-GAAP adjusted operating income increased 73 percent to $1.78 billion or 19.6 percent of net sales, and non-GAAP adjusted net income increased 83 percent to $1.31 billion or $1.07 per diluted share. The company recorded GAAP gross margin of 42.4 percent, operating income of $1.52 billion or 16.8 percent of net sales, and net income of $1.11 billion or $0.90 per diluted share.

"Our fourth quarter results round out a strong year for Applied Materials where we grew revenues in our semiconductor business by 25 percent and expanded our company operating margin by 6 points," said Gary Dickerson, president and CEO. "We are making our largest gains in areas of the market that are growing the fastest, including etch and deposition, and we carry positive momentum into 2015."

Fourth Quarter Reportable Segment Results and Comparisons to the Prior Quarter

Silicon Systems Group (SSG) orders were $1.33 billion, down 15 percent, with decreases in DRAM, flash and foundry partially offset by an increase in logic/other. Net sales decreased by 3 percent to $1.43 billion. Non-GAAP adjusted operating income decreased by 17 percent to $352 million or 24.5 percent of net sales. GAAP operating income decreased by 20 percent to $305 million or 21.3 percent of net sales. New order composition was: foundry 50 percent; DRAM 20 percent; logic/other 18 percent; and flash 12 percent.

Applied Global Services (AGS) orders of $747 million grew 35 percent, driven primarily by increases in semiconductor services and spares orders. Net sales of $592 million were up 4 percent. Operating income declined by 5 percent to $146 million on both a GAAP and non-GAAP adjusted basis, and represented 24.7 percent of net sales.

Display orders of $130 million were down 56 percent reflecting continued variability in industry order patterns. Net sales increased 60 percent to $190 million. Operating income doubled to $52 million on both a GAAP and non-GAAP adjusted basis, or 27.4 percent of net sales, including a benefit from the sale of previously reserved inventory that was equivalent to approximately one half point of company gross margin.

Energy and Environmental Solutions (EES) orders decreased to $44 million and net sales declined to $48 million. EES reported a non-GAAP adjusted operating loss of $1 million and a GAAP operating loss of $3 million.

Applied's backlog declined 2 percent sequentially to $2.92 billion and included negative adjustments of $42 million. Backlog composition by segment was:  SSG 48 percent; AGS 27 percent; Display 20 percent; and EES 5 percent.

Full-Year Reportable Segment Results and Comparisons to the Prior Year

SSG orders increased by 11 percent to $6.13 billion, net sales increased by 25 percent to $5.98 billion, non-GAAP adjusted operating income increased by 49 percent to $1.57 billion or 26.2 percent of net sales, and GAAP operating income increased by 59 percent to $1.39 billion or 23.3 percent of net sales.

AGS orders increased by 16 percent to $2.43 billion, net sales increased by 9 percent to $2.20 billion, non-GAAP adjusted operating income increased by 30 percent to $576 million or 26.2 percent of net sales, and GAAP operating income increased by 31 percent to $573 million or 26.0 percent of net sales.

Display orders increased by 20 percent to $845 million, net sales increased by 14 percent to $615 million, non-GAAP adjusted operating income increased by 64 percent to $131 million or 21.3 percent of net sales, and GAAP operating income increased by 74 percent to $129 million or 21.0 percent of net sales.

EES orders increased by 43 percent to $238 million, net sales increased by 61 percent to $279 million. In FY2014, EES reported a non-GAAP adjusted operating income of $21 million or 7.5 percent of net sales, and GAAP operating income of $15 million or 5.4 percent of net sales. In FY2013, EES reported a non-GAAP adjusted operating loss of $115 million, and GAAP operating loss of $433 million.

Business Outlook

For the first quarter of fiscal 2015, Applied expects net sales to be in the range of flat to up 5 percent from the previous quarter. Non-GAAP adjusted diluted EPS is expected to be in the range of $0.25 to $0.29, the mid-point of which would be flat with the previous quarter and up by 17 percent year over year.

About Applied Materials

Applied Materials, Inc. (Nasdaq:AMAT) is the global leader in precision materials engineering solutions for the semiconductor, flat panel display and solar photovoltaic industries. 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.

Contact:
Michael Sullivan (financial community) 408.986.7977
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