Applied Materials 2Q Profit Rose on Higher Sales
May 19 2022 - 3:56PM
Dow Jones News
By Jeffrey T. Lewis
Applied Materials Inc. said Thursday profit increased in its
second quarter as sales rose, but added that supply shortages were
holding the company back from making even more sales.
The Santa Clara, Ca.-based supplier of equipment to make
semiconductors reported net income of $1.54 billion, compared with
$1.33 billion a year earlier. Earnings per share reached $1.74 from
1.43 in the year-earlier period and adjusted earnings per share
rose to $1.85 from $1.63.
The company had sales of $6.25 billion in the quarter, from
$5.58 billion in the second quarter of last year. Applied Materials
said it's working to improve the supply situation, which has hit
manufacturers around the world.
"Demand for Applied Materials' products and services has never
been stronger, yet we remain constrained by on-going supply chain
issues," said Applied Materials Chief Executive Officer, Gary
Dickerson. "Our priority is to work quickly and creatively across
the supply chain to bring more industry capacity on-line."
The sales and profit figures underperformed market expectations.
The median forecast by analysts surveyed by FactSet was for sales
of $6.3 billion and net income of $1.7 billion. The company said in
its first-quarter earnings report that it expected second-quarter
sales of about $6.35 billion, plus or minus $300 million, and
adjusted earnings per share in a range from $1.75 to $2.05.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
May 19, 2022 16:41 ET (20:41 GMT)
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