Applied Materials Misses Analysts’ Q3 Estimates; Announces New CEO (AMAT)
After the bell on Thursday, Applied Materials (AMAT) announced its fiscal Q3 earnings, posting a drop in revenues and net income from the same quarter last year.
The Santa Clara, CA-based company reported Q3 non-GAAP adjusted net income of $223 million, or 18 cents per share, compared to last year’s Q3 adjusted net income of $300 million, or 24 cents per share. The company reported net sales for the quarter of $1.98 billion, compared to last year’s same quarter figure of $2.34 billion.
The company’s results fell below analysts’ estimates; analysts were expecting EPS to come in at 19 cents on revenues of $2.06 billion.
AMAT also announced a new CEO at the end of market trading on Thursday, with Gary Dickerson becoming the president and chief executive officer of the company. Dickerson previously served as the CEO for Varian Semiconductor Equipment Associates, Inc., which was acquired by AMAT in 2011.
Applied Materials’ shares were down 41 cents, or 2.68%, by market close, and were going lower in after hours trading. The company’s stock is up more than 32% YTD.
The Bottom Line
Shares of Applied Materials (AMAT) have a yield of 2.61% based on Thursday’s closing price of $15.32 and the company’s annualized payout of 40 cents.
Applied Materials (AMAT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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