Applied Materials exceeds Wall Street’s estimates for FQ2, shares pop 10% By Investing.com

Utilized Supplies (NASDAQ:) reported better-than-expected FQ1 2024 earnings and income, leading to a ten% surge in its shares in after-hours buying and selling Thursday.

The supplies engineering options supplier posted earnings per share (EPS) of $2.13 for the quarter, exceeding analysts’ expectations of $1.90. Income grew to $6.71 billion, outpacing the consensus estimate of $6.48 billion.

AMAT additionally reported producing $2.33 billion in money from operations through the quarter, with a non-GAAP working margin of 29.5%, which remained steady in comparison with the earlier yr.

For FQ2 2024, Utilized Supplies forecasts its EPS to vary between $1.79 and $2.15, barely above the consensus projection of $1.78.

Income is anticipated to be round $6.5 billion, plus or minus $400 million, in comparison with the $6.32 billion anticipated by analysts.

“Utilized Supplies delivered sturdy leads to the primary quarter of fiscal 2024 and has outperformed our markets for the fifth consecutive yr,” mentioned Gary Dickerson, President and CEO of Utilized Supplies.

“Our management positions at key semiconductor inflections help continued outperformance as prospects ramp next-generation chip applied sciences essential to AI and IoT over the following a number of years.”