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Applied Materials
🇺🇸 NASDAQ:AMAT
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Jul 28, 2024

Applied Materials Q3 2024 Earnings Report

Applied Materials reported strong third quarter results with record revenues and earnings towards the high end of guidance.

Key Takeaways

Applied Materials announced its Q3 2024 results, reporting a 5% year-over-year increase in revenue to $6.78 billion. GAAP EPS was $2.05, and non-GAAP EPS was $2.12, representing an 11% and 12% increase year-over-year, respectively. The company generated $2.39 billion in cash from operations and distributed $1.19 billion to shareholders through share repurchases and dividends.

Revenue reached a record $6.78 billion, up 5% year-over-year.

GAAP operating margin was 28.7%, and non-GAAP operating margin was 28.8%, increasing by 0.7 and 0.5 points year-over-year, respectively.

GAAP EPS was $2.05, and non-GAAP EPS was $2.12, up 11% and 12% year-over-year, respectively.

Cash from operations was $2.39 billion.

Total Revenue
$6.78B
Previous year: $6.43B
+5.5%
EPS
$2.12
Previous year: $1.9
+11.6%
Gross Margin
47.3%
Previous year: 46.3%
+2.2%
Operating Margin
28.7%
Previous year: 28%
+2.5%
Non-GAAP Gross Margin
47.4%
Previous year: 46.4%
+2.2%
Gross Profit
$3.21B
Previous year: $2.98B
+7.7%
Cash and Equivalents
$8.29B
Previous year: $6.03B
+37.6%
Free Cash Flow
$2.09B
Previous year: $2.58B
-19.1%
Total Assets
$33.6B
Previous year: $30.4B
+10.6%

Applied Materials

Applied Materials

Applied Materials Revenue by Segment

Applied Materials Revenue by Geographic Location

Forward Guidance

For the fourth quarter of fiscal 2024, Applied Materials expects net revenue to be approximately $6.93 billion, plus or minus $400 million. Non-GAAP diluted EPS is expected to be in the range of $2.00 to $2.36.

Positive Outlook

  • Net revenue is expected to be approximately $6.93 billion, plus or minus $400 million.
  • Non-GAAP diluted EPS is expected to be in the range of $2.00 to $2.36.
  • Outlook excludes known charges related to completed acquisitions of $0.01 per share.
  • Outlook includes the normalized tax benefit of share-based compensation of $0.01 per share.
  • Outlook includes a net income tax benefit related to intra-entity intangible asset transfers of $0.02 per share.

Challenges Ahead

  • The outlook does not reflect any items that are unknown at this time.
  • The outlook does not include any additional charges related to acquisitions.
  • The outlook does not include other non-operational or unusual items.
  • The outlook does not include other tax-related items.
  • The company is not able to predict these items without unreasonable efforts due to their inherent uncertainty.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Applied Materials