Applied Materials, Inc. (NASDAQ:AMAT), reported results for its first quarter of fiscal 2013 ended January 27, 2013. Applied generated orders of $2.11 billion and net sales of $1.57 billion. The company reported operating income of $39 million and net income of $34 million or 3 cents per diluted share. Non-GAAP operating income was $112 million, and non-GAAP net income was $69 million or 6 cents per share, at the high end of the business outlook.
"We executed well through the bottom of this industry investment cycle and, with our semiconductor orders up over 80 percent from the previous quarter, we are optimistic about the potential of our markets this year," said Mike Splinter, chairman and chief executive officer. "2013 looks to be another strong year for mobile products like smartphones and tablets, and customers are increasingly turning to Applied to help solve the technology challenges they face in this growing market."
Quarterly Results Summary
|GAAP Results||Q1 FY2013||Q4 FY2012||Q1 FY2012|
|Net sales||$1.57 billion||$1.65 billion||$2.19 billion|
|Operating income (loss)||$39 million||$(499) million||$179 million|
|Net income (loss)||$34 million||$(515) million||$117 million|
|Diluted earnings (loss) per share (EPS)||$0.03||$(0.42)||$0.09|
|Non-GAAP operating income||$112 million||$114 million||$344 million|
|Non-GAAP net income||$69 million||$70 million||$240 million|
|Non-GAAP diluted EPS||$0.06||$0.06||$0.18|
Applied's non-GAAP results exclude the impact of the following, where applicable: certain discrete tax items; restructuring charges and any associated adjustments; certain acquisition-related costs; and impairments of assets, goodwill, or investments. A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release.