Applied Materials Announces Second Quarter 2020 Results

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Algemeen advies 15/05/2020 07:14
Quarterly revenue of $3.96 billion, up 12 percent year over year
•GAAP EPS of $0.82 and non-GAAP EPS of $0.89, up 17 percent and 27 percent year over year, respectively
•Returned $392 million to shareholders

SANTA CLARA, Calif., May 14, 2020 (GLOBE NEWSWIRE) -- Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its second quarter ended Apr. 26, 2020.

Second Quarter Results

Applied generated revenue of $3.96 billion. On a GAAP basis, the company recorded gross margin of 44.2 percent, operating income of $932 million or 23.6 percent of net sales, and earnings per share (EPS) of $0.82.

On a non-GAAP adjusted basis, the company reported gross margin of 44.6 percent, operating income of $976 million or 24.7 percent of net sales, and EPS of $0.89.

The company returned $392 million to shareholders including $199 million in share repurchases and dividends of $193 million.

“As we navigate the challenges created by COVID-19, we have rallied the company around safety, productivity and keeping our customers and the industry moving forward,” said Gary Dickerson, president and CEO. “While the situation remains fluid, based on the visibility we have today, our supply chain is recovering, and underlying demand for our semiconductor equipment and services remains robust.”

Quarterly Results Summary
Q2 FY2020 Q2 FY2019 Change
(In millions, except per share amounts and percentages)
Net sales $ 3,957 $ 3,539 12%
Gross margin 44.2% 43.2% 1.0 points
Operating margin 23.6% 21.9% 1.7 points
Net income $ 755 $ 666 13%
Diluted earnings per share $ 0.82 $ 0.70 17%
Non-GAAP Adjusted Results
Non-GAAP adjusted gross margin 44.6% 43.5% 1.1 points
Non-GAAP adjusted operating margin 24.7% 22.4% 2.3 points
Non-GAAP adjusted net income $ 817 $ 660 24%
Non-GAAP adjusted diluted EPS $ 0.89 $ 0.70 27%

A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also “Use of Non-GAAP Adjusted Financial Measures” section.

Second Quarter Reportable Segment Information
Semiconductor Systems Q2 FY2020 Q2 FY2019
(In millions, except percentages)
Net sales $ 2,567 $ 2,184
Foundry, logic and other 56% 58%
DRAM 22% 18%
Flash memory 22% 24%
Operating income 782 579
Operating margin 30.5% 26.5%
Non-GAAP Adjusted Results
Non-GAAP adjusted operating income $ 798 $ 589
Non-GAAP adjusted operating margin 31.1% 27.0%

Applied Global Services Q2 FY2020 Q2 FY2019
(In millions, except percentages)
Net sales $ 1,018 $ 984
Operating income 256 283
Operating margin 25.1% 28.8%
Non-GAAP Adjusted Results
Non-GAAP adjusted operating income $ 260 $ 283
Non-GAAP adjusted operating margin 25.5% 28.8%

Display and Adjacent Markets Q2 FY2020 Q2 FY2019
(In millions, except percentages)
Net sales $ 365 $ 348
Operating income 75 42
Operating margin 20.5% 12.1%
Non-GAAP Adjusted Results
Non-GAAP adjusted operating income $ 78 $ 46
Non-GAAP adjusted operating margin 21.4% 13.2%

Use of Non-GAAP Adjusted Financial Measures

Applied provides investors with certain non-GAAP adjusted financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including certain items related to mergers and acquisitions; restructuring charges and any associated adjustments; certain incremental expenses related to COVID-19; impairments of assets, or investments; gain or loss on sale of strategic investments; certain income tax items and other discrete adjustments. On a non-GAAP basis, the tax effect related to share-based compensation is recognized ratably over the fiscal year. Additionally, non-GAAP results exclude estimated discrete income tax expense items associated with U.S. tax legislation. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

Management uses these non-GAAP adjusted financial measures to evaluate the company’s operating and financial performance and for planning purposes, and as performance measures in its executive compensation program. Applied believes these measures enhance an overall understanding of its performance and investors’ ability to review the company’s business from the same perspective as the company’s management, and facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Applied's ongoing operating performance. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles, may be different from non-GAAP financial measures used by other companies, and may exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

Webcast Information

Applied Materials will discuss these results during an earnings call that begins at 1:30 p.m. Pacific Time today. A live webcast and related slide presentation will be available at A replay will be available on the website beginning at 5:00 p.m. Pacific Time today.

Forward-Looking Statements

This press release contains forward-looking statements, including those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and financial performance and market share positions, our capital allocation, our investment and growth strategies, our development of new products and technologies, our business outlook for the third quarter of fiscal 2020 and beyond, the impact of the COVID-19 pandemic and responses thereto on our operations and financial results; and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are
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