SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Applied Materials Inc. (AMAT) on Thursday reported fiscal fourth-quarter net income of $1.9 billion.
The Santa Clara, California-based company said it had net income of $2.38 per share. Earnings, adjusted for one-time gains and costs, were $2.17 per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.11 per share.
The maker of chipmaking equipment posted revenue of $6.8 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $6.7 billion.
For the year, the company reported profit of $7 billion, or $8.66 per share. Revenue was reported as $28.37 billion.
For the current quarter ending in January, Applied Materials expects its per-share earnings to range from $1.98 to $2.38.
The company said it expects revenue in the range of $6.35 billion to $7.35 billion for the fiscal first quarter.
Applied Materials shares have climbed 37% since the beginning of the year, while the S&P's 500 index has climbed 15%. In the final minutes of trading on Thursday, shares hit $223.31, a rise of 22% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMAT at https://www.zacks.com/ap/AMAT
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