NEW YORK (TheStreet) -- Shares of Applied Materials Inc. (AMAT) are higher by 2.27% to $20.31 in after-hours trading on Thursday following the company's 2015 second quarter earnings results, which showed its earnings and revenue improved year-over-year and topped analysts' expectations for the period.
The company's non-GAAP adjusted earnings were 29 cents per diluted share, a 4% rise from the 2014 second quarter. Analysts polled by Thomson Reuters had forecast for earnings of 28 cents per share for the quarter ended April 2015.
Net sales were up by 4% over the same period in the prior year to $2.44 billion versus the $2.36 billion analysts were looking for.
"Applied posted our highest quarterly revenue in the past three years and earnings near the top of our guidance range. These results demonstrate that Applied is delivering the enabling products and services our customers need as they transition complex new devices into volume production," company CEO Gary Dickerson said in the Applied Material's earnings release.
Applied Materials is a provider of manufacturing equipment, services, and software to the global semiconductor and related industries.
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 several positive factors, 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 reasonable valuation levels. We feel its strengths outweigh the fact that the company shows weak operating cash flow."