Applied Materials: Q4 Results

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Applied Materials, Inc., the global leader in manufacturing solutions for the semiconductor, flat panel display and solar industries, reported stronger than expected results for its fourth quarter of fiscal 2010 ended Oct. 31, 2010. Applied generated orders of $3.03 billion, net sales of $2.89 billion, operating profit of $699 million, and net income of $468 million or $0.35 per share. Non-GAAP net income was $476 million or $0.36 per share.

For fiscal year 2010, the company reported orders of $10.25 billion, net sales of $9.55 billion, operating profit of $1.38 billion, and net income of $938 million or $0.70 per share. Non-GAAP net income was $1.18 billion, or $0.88 per share. The fiscal year results included EES inventory-related charges of $330 million that lowered EPS by approximately $0.16. Excluding these charges, non-GAAP EPS would have been $1.03.

"Applied ended a very strong year by delivering results that exceeded our expectations in the fourth quarter," said Mike Splinter, chairman and chief executive officer. "We are seeing strong momentum in our business as we enter 2011, fueled by accelerated innovation and market share gains."

"In 2010, Applied generated $1.7 billion in cash from operations after investing more than $1.1 billion in research and development," added George Davis, chief financial officer. "We also bought back $350 million in shares, increased our dividend by 17 percent, and ended the year with $3.9 billion in cash and investments."

Financial Results Summary
GAAP Results         Q4 FY2010         Q3 FY2010         Q4 FY2009
Net sales         $2.89 billion         $2.52 billion         $1.53 billion
Net income         $468 million         $123 million         $138 million
Earnings per share         $0.35         $0.09         $0.10
Non-GAAP Results                         
Non-GAAP net income         $476 million         

$234 million
        $155 million

Non-GAAP earnings per share


$0.36


$0.17


$0.11

GAAP Results         FY2010         FY2009         
Net sales         $9.55 billion         

$5.01 billion

Net income (loss)         $938 million         ($305 million)         
Earnings (loss) per share         $0.70         ($0.23)         
Non-GAAP Results                         
Non-GAAP net income (loss)         $1.18 billion         ($69 million)         
Non-GAAP earnings (loss) per share         $0.88         ($0.05)         


The non-GAAP results exclude the impact of the following, where applicable: restructuring and asset impairments, certain acquisition-related costs and investment impairments. Effective the first quarter of fiscal 2010, the non-GAAP results no longer exclude the impact of share-based compensation. 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.

Reportable Segment Results

Silicon Systems Group (SSG) orders were $1.67 billion in the fourth quarter, up 9 percent from the third quarter led by higher demand for inspection equipment. Net sales increased to $1.48 billion, up 2 percent led by record net sales of chemical mechanical polishing (CMP) systems. Operating income rose to $564 million or 38 percent of net sales. New order composition was: foundry 47 percent, logic and other 24 percent, DRAM 20 percent, and flash 9 percent.

For the year, SSG orders more than tripled to $5.76 billion, net sales more than doubled to $5.30 billion, and operating income rose to $1.89 billion or 36 percent of net sales.

Applied Global Services (AGS) orders were $631 million in the fourth quarter, up 6 percent from the third quarter. Net sales increased to $516 million, up 10 percent from the third quarter, driven by 200mm equipment shipments. Operating income increased to $100 million or 19 percent of net sales.

For the year, AGS orders increased by 85 percent to $2.18 billion, net sales increased by 34 percent to $1.86 billion, and operating income rose to $337 million or 18 percent of net sales.

Display orders declined 27 percent from the third quarter to $175 million reflecting lower demand. Net sales were $281 million, up 30 percent from the third quarter, driven by the fulfillment of orders placed in previous quarters, and operating income increased to $89 million or 32 percent of net sales.

For the year, Display orders more than doubled to $799 million, net sales increased by 79 percent to $899 million, and operating income rose to $267 million or 30 percent of net sales.

Energy and Environmental Solutions (EES) had record orders of $546 million in the fourth quarter, up 55 percent from the third quarter, driven by demand for Baccini(TM) cell processing systems and PWS wafering systems. Net sales increased to $606 million, led by record net sales of Baccini and PWS systems, and included the sign-off of two SunFab(TM) thin film lines in China. EES had operating income of $86 million or 14 percent of net sales.

For the year, EES orders increased by 58 percent to $1.51 billion, net sales increased by 28 percent to $1.48 billion, and the operating loss increased to $466 million or 31 percent of net sales, primarily due to restructuring, asset impairment and inventory-related charges of $486 million, recognized in the second and third quarters of fiscal 2010.

Additional Quarterly Financial Information

    * Gross margin was 42.2 percent.
    * Operating cash flow was $525 million or 18 percent of net sales.
    * Cash dividend payments totaled $93 million.
    * The company used $150 million to repurchase 13.3 million shares of its common stock.
    * Cash, cash equivalents and investments increased to $3.89 billion at quarter end.
    * The effective tax rate was 33.5 percent.
    * Backlog increased by $114 million to $3.24 billion.

Additional Fiscal Year Financial Information

    * Operating cash flow for the fiscal year was $1.7 billion or 18 percent of net sales.
    * Cash dividend payments totaled $349 million.
    * The company used $350 million to repurchase 28.8 million shares of its common stock.

Business Outlook

For the first quarter of fiscal 2011, Applied expects net sales to be down in the range of 8 percent to 15 percent quarter over quarter. The company expects non-GAAP EPS to be in the range of $0.30 to $0.34, which excludes known charges related to completed acquisitions of approximately $0.01 per share.

These forecasts do not take into account 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 Materials 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.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding Applied's performance, opportunities, business momentum, product innovation, strategic position, and the business outlook for the company. Forward-looking statements may contain words such as "expect," "believe," "may," "can," "should," "will," "forecast," "anticipate" or similar expressions, and include the assumptions that underlie such statements. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to: the level of demand for Applied's products, which is subject to many factors, including uncertain global economic and industry conditions, business and consumer spending, demand for electronic products and semiconductors, government renewable energy policies and incentives, and customers' utilization rates and new technology and capacity requirements; variability of operating expenses and results among the company's segments caused by differing conditions in the served markets; Applied's ability to (i) develop, deliver and support a broad range of products, expand its markets and develop new markets, (ii) timely implement effective cost reduction programs, realize expected benefits, and align its cost structure with business conditions, (iii) plan and manage its resources and production capability, including its supply chain, (iv) implement initiatives that enhance global operations and efficiencies, (v) maintain effective internal controls and procedures, (vi) obtain and protect intellectual property rights in key technologies, (vii) attract, motivate and retain key employees, and (viii) accurately forecast future operating and financial results, which depends on multiple assumptions related to, without limitation, market conditions and business needs; risks related to legal proceedings and claims; and other risks described in Applied Materials' SEC filings. All forward-looking statements are based on management's estimates, projections and assumptions as of the date hereof. The company undertakes no obligation to update any forward-looking statements.

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 www.appliedmaterials.com.

Contact:
Applied Materials, Inc.
Michael Sullivan, 408-986-7977 (financial community)

SOURCE: Applied Materials, Inc.
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