Applied Materials Beats Estimates on Top & Bottom Lines

Applied Materials (AMAT) reported fiscal second-quarter results after the closing bell on Thursday. Earnings per share came in at $0.29, compared to estimates of $0.28 from FactSet. As for revenue, the manufacturing company reported sales of $2.44 billion, a 4 percent year-over-year increase, amid estimates of $2.4 billion. Gary Dickerson, Applied's president and CEO said: 'Applied posted our highest quarterly revenue in the past three years and earnings near the top of our guidance range.' As for guidance, the company said fiscal third quarter net sales will increase between 2 percent and 6 percent, against the previous quarter. Shares of Applied Materials are trading at $19.86 per share and are down over 20 percent since the start of the year.