Applied Materials' 3Q Profit, Sales Beat Wall Street Estimates

By Maria Armental

Applied Materials Inc.'s third-quarter performance beat Wall Street projections as sustained demand helped by the pandemic's boost to digital transformation helped drive record quarterly revenue and per-share profit.

Third-quarter profit rose to $1.72 billion from $841 million a year earlier. On a per-share basis, profit was a record $1.87, or $1.90 as adjusted, also a record, the company said.

Net sales rose to a record $6.2 billion from $4.4 billion a year earlier.

The chip-making equipment manufacturer expected an adjusted profit of $1.70 to $1.82 a share and $5.72 billion to $6.12 billion in net sales. Analysts surveyed by FactSet expected $1.74 a share, or $1.77 a share as adjusted, and $5.94 billion in revenue.

"Applied Materials delivered record performance as long-term trends fueled by the digital transformation of the economy drive strong, secular demand for semiconductors," Chief Executive Gary Dickerson said in a statement.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

08-19-21 1624ET