NEW YORK (
slumped in after-hours action on Tuesday after the chip capital equipment maker gave a below-consensus view for the July quarter, saying it sees a sequential decline of 3% to 10% in net sales.
The company reported a non-GAAP profit of $501 million, or 38 cents a share, for its fiscal second quarter ended on May 1 with revenue totaling $2.86 billion. That performance was up from a year-ago equivalent profit of $292 million, or 22 cents a share, on revenue of $2.3 billion, and ahead of the average estimate of analysts polled by
for earnings of 37 cents a share in the quarter on revenue of $2.77 billion.
Gross margin slipped on a sequential basis to 41.5% in the latest quarter from 42.3% in the first quarter.
"Applied delivered one of the best quarters in the company`s history, including record net sales in our solar business," said Mike Splinter, the company's chairman and CEO, in a statement. "While near-term economic conditions have tempered our growth expectations, our outlook for the year remains strong driven by our customers` plans to invest in the advanced technologies needed to meet growing demand for mobile devices and consumer electronics."
Applied Materials now sees non-GAAP earnings of 31 to 37 cents a share for its fiscal third quarter ending in July with sales down between 3-10%, as previously noted, from its $2.86 billion total in the latest quarter. That implies a range of $2.57 billion to $2.77 billion. The current consensus view is for a profit of 37 cents a share in the July quarter on revenue of $2.79 billion.
The company said its third-quarter forecast reflects a potential cost of 1 cent a share related to long-term financing for its planned acquisition of
( VSEA), a $4.9 billion deal that was announced on May 4.
The stock was last quoted at $13.44, down 2%, on volume of 1.22 million, according to
. Based on its regular session finish at $13.71, the shares were down about 2% since the start of 2011, and had fallen 19% since hitting a 52-week high of $16.93 in early March.
Shares of video game developer
edged up in late trades after the company posted a
and said it's extended long-term employment agreements with key members of its Rockstar Games creative team while also inking a new management deal with ZelnickMedia.
Despite a weak outlook for its current fiscal year, the stock was able to climb 1.3% to $16.31 on volume of nearly 500,000, bouncing after dipping as low as $15 after the bell.
The company gave a weak outlook for the current fiscal year, but it appears Wall Street had baked that into its expectations, and CEO Strauss Zelnick went so far as to forecast earnings of at least $2 per share for fiscal 2013.
fell sharply after the Topeka, Kan.-based footwear retailer missed Wall Street's profit expectations by a wide margin.
The company said it earned $26.4 million, or 42 cents a share, on sales of $869 million, falling far short of the average estimate of analysts polled by
for a profit of 82 cents a share on sales of $915.3 million.
"We had a challenging first quarter driven by increasingly unfavorable economic conditions affecting mass market consumers as well as unseasonably cold weather," said Matthew Rubel, the company's chairman, president and CEO. "These factors unfavorably affected Payless stores in North America leading to lower customer traffic and sales."
The stock was last quoted at $16.20, down 11.8%, on volume of more than 550,000, according to
. Based on a regular session close at $18.37, the share have fallen 14% year-to-date.
Other stocks active in late trades included
, which fell 3.8% to $10 on volume of around 37,000 after the Detroit-based software company reported a year-over-year decline in its fiscal fourth-quarter profit to $34.8 million, or 16 cents a share, on revenue of $249.6 million; and
, which dropped 13% to $3.38 on volume of more than 60,000 after the company filed its Form 10-K report earlier in the day.
Written by Michael Baron in New York.
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