Applied Materials (AMAT) Stock Higher on Earnings Beat
NEW YORK (TheStreet) -- Applied Materials (AMAT) - Get Report stock is rising by 4.60% to $17.29 on heavy volume trading on Friday afternoon, after the company reported its 2015 fourth quarter earnings results.
After the market close on Thursday, the semiconductor equipment supplier reported fourth quarter earnings of 29 cents per share. Revenue increased by 5% year over year to $2.37 billion.
Analysts were expecting the company to report earnings of 27 cents per share on revenue of $2.27 billion for the most recent quarter.
"In fiscal 2015, Applied Materials delivered year-over-year growth across our semiconductor, display and service businesses resulting in our highest earnings in four years," CEO Gary Dickerson said in a statement. "We have positioned the company for sustainable profitable growth and we are winning share, growing our service business and expanding our available market."
So far today, 16.14 million shares of Applied Materials have traded, versus its 30-day average of 14.79 million shares.
Separately, TheStreet Ratings team rates APPLIED MATERIALS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
We rate APPLIED MATERIALS INC (AMAT) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, increase in net income and reasonable valuation levels. We feel its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: AMAT
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