Applied Materials beat fiscal second quarter earnings. The semi-conductor equipment maker’s revenue hit a record high in the quarter. What's more, the guidance for the fiscal third quarter is also higher than analysts' forecast.
The company’s net income came in at $1.43 a share, increasing from 82 cents a share in the year-ago period. Adjusted earnings, which excluded a $154 million termination fee that Applied Materials paid to a former acquisition target and other items, were $1.63 a share, compared with 89 cents a share in the year-ago quarter. Analysts polled by FactSet had expected $1.51 a share .
Revenue rose to $5.58 billion in the quarter from $3.96 billion in the year-ago period. Analysts polled by FactSet had expected $5.41 billion.
For the third quarter, Applied Materials project adjusted earnings of $1.70 to $1.82 a share on sales of $5.72 billion to $6.12 billion. Analysts surveyed by FactSet had been expecting adjusted earnings of $1.56 a share on revenue of $5.53 billion.