Applied Materials, Inc. (NASDAQ:AMAT) shares are trading higher after the company reported better-than-expected first-quarter EPS and sales results and issued second-quarter guidance.
Applied Materials reported quarterly earnings of $1.89 per share which beat the analyst consensus estimate of $1.85. The company also reported quarterly sales of $6.27 billion which beat the analyst consensus estimate of $6.16 billion by 2%. This is a 21% increase over sales of $5.16 billion the same period last year.
Applied Materials says the company generated a record $2.66 billion in cash from operations and returned $2.02 billion to shareholders including $1.80 billion in share repurchases and $214 million in dividends for its first quarter ended Jan. 30, 2022.
"While the supply environment remains challenging, Applied Materials is doing everything we can to deliver for our customers and we recorded our highest-ever quarterly revenues," said Gary Dickerson, President and CEO.
"Our outlook for 2022 and beyond is very positive as long-term secular trends drive our markets structurally higher and Applied's broad technology portfolio puts us in a great position to capture a larger portion of our served markets," Dickerson stated.
Applied Materials has a 52-week high of $167.06 and a 52-week low of $105.50.
