Applied Materials (AMAT) - Get Free Report, the provider of chipmaking equipment, software and services, reported fiscal first-quarter net income per share rose 20% as revenue climbed 11%, both stronger than analysts expected.
For the quarter ended Jan. 26, the Santa Clara, Calif., company reported profit of 96 cents a share compared with 80 cents in the year-earlier quarter. The latest adjusted earnings were 98 cents a share.
Revenue reached $4.16 billion from $3.75 billion.
A survey of analysts by FactSet produced consensus estimates of 92 cents of profit, or an adjusted 91 cents, on $4.09 billion of revenue.
For the fiscal 2020 second quarter Applied Materials is pegging adjusted earnings at 98 cents to $1.10 a share. It estimates sales at $4.34 billion, plus or minus $200 million.
The FactSet survey is looking for GAAP and adjusted profit of 91 cents a share on sales of $4.05 billion.
On Feb. 10, Morgan Stanley had affirmed an equal-weight rating on Applied Materials and raised its price target to $69 from $68.
A week prior, Deutsche Bank analyst Sidney Ho had raised the firm's rating on the company to buy from hold and lifted his price target 20% to $72 from $60.
At last check Applied Materials shares were 0.8% higher. They closed the regular Wednesday session up 1.5% at $65.37.
In Wednesday's session the company's shares touched a 52-week high of $65.68. That put the shares 78% above the 52-week low of $36.80, set early last March.
Bloomberg data show that among Wall Street's analysts, 24 rank AMAT a buy, four are neutral and one says sell.