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SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Applied Materials Inc. (AMAT) on Thursday reported fiscal fourth-quarter net income of $1.73 billion.
On a per-share basis, the Santa Clara, California-based company said it had net income of $2.09. Earnings, adjusted for one-time gains and costs, came to $2.32 per share.
The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.18 per share.
The maker of chipmaking equipment posted revenue of $7.05 billion in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $6.94 billion.
For the year, the company reported profit of $7.18 billion, or $8.61 per share. Revenue was reported as $27.18 billion.
For the current quarter ending in January, Applied Materials expects its per-share earnings to range from $2.11 to $2.47.
The company said it expects revenue in the range of $6.75 billion to $7.55 billion for the fiscal first quarter.
Applied Materials shares have increased 15% since the beginning of the year, while the S&P's 500 index has risen 25%. In the final minutes of trading on Thursday, shares hit $186, a climb of 21% 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