NEW YORK (TheStreet) -- Applied Materials (AMAT) shares are down 2.7% to $22 in after-hours trading on Thursday after the equipment manufacturer for the solar photovoltaic industry reported its fourth quarter earnings results after the closing bell today.
The company reported a 14% increase in revenue over the previous year to $2.26 billion, just short of analysts' $2.3 billion expectations for the period.
The company reported earnings for the period that rose 53% over the same period last year to 27 cents per diluted share on an adjusted basis, in line with what analysts expected the company to earn.
TheStreet Ratings team rates APPLIED MATERIALS INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLIED MATERIALS INC (AMAT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."