NEW YORK (TheStreet) -- Shares of Applied Materials Inc. (AMAT) are higher by 5.02% to $22.21 on Friday morning, after the company reported a rise in 2014 third quarter net income to $301 million, or 24 cents per diluted share, from $168 million, or 14 cents per diluted share for the year ago period.
The company, which provides manufacturing equipment, services, and software to the global semiconductor, display, and solar industries, said adjusted net income was $349 million, or 28 cents per diluted share, compared to $222 million, or 18 cents per diluted share for the 2013 third quarter.
Applied Materials posted a growth in net sales to $2.27 billion for the most recent quarter versus $1.98 billion for the same period last year.EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE
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 few notable 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, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."