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Applied Materials: Burned by the Sun

November 12, 2009
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Applied Materials (AMAT) yesterday afternoon posted stellar results for the fiscal fourth quarter ended October 25; revenue of $1.53 billion was well ahead of the Street at $1.32 billion, and non-GAAP EPS of 13 cents a share crushed the consensus number at three cents. Likewise, the company said FY Q1 revenue would be up 10-25 percent sequentially, which implies $1.68 billion to $1.91 billion, smartly above the Street consensus at $1.4 billion.

As I noted yesterday, CEO Michael Splinter said on the call that he expects the chip industry to spend $18 to $20 billion on capital equipment in 2010, up from $12 million to $13 million this year; at the mid-point, that would be an increase of 52 percent, which while off a nightmarish bottom, is still nice growth.

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