Semiconductor tools provider Utilized Supplies (AMAT) on Thursday reported fiscal third-quarter revenue and income that topped analyst estimates. Steering for AMAT inventory got here in barely above expectations as the corporate works by way of provide constraints amid a big backlog of orders.
Adjusted earnings got here in at $1.94 a share on gross sales of $6.52 billion. Wall Road had anticipated earnings of $1.78 a share on gross sales of $6.27 billion, based on FactSet. On a year-over-year foundation, Utilized Supplies earnings rose 2% as gross sales elevated 5%.
A 12 months earlier, Utilized Supplies earned $1.90 a share on income of $6.19 billion.
The corporate repurchased $1 billion of AMAT inventory within the quarter.
For the present quarter, Utilized Supplies predicted adjusted earnings of $2 a share on gross sales of $6.65 billion. That is primarily based on the midpoint of its outlook.
Wall Road had forecast earnings per share of $1.94 on gross sales of $6.55 billion. The Santa Clara, Calif.-based firm reported July-quarter earnings after the market shut.
AMAT Inventory Rises After Report
In prolonged buying and selling on the stock market today, AMAT inventory rose 1.4% to close 110. AMAT inventory had retreated 29% to this point in 2022.
Heading into the earnings report, AMAT inventory owned a Relative Energy Score of solely 21 out of a best-possible 99, based on IBD Stock Checkup.
The semiconductor tools group ranks No. 108 out of 197 business teams that IBD tracks. Teams throughout the high 40 are most well-liked.
Observe Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wi-fi, synthetic intelligence, cybersecurity and cloud computing.
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