Applied Materials Reports Mixed Earnings (AMAT)

Applied Materials AMAT is out with its Q3 earnings results on Wednesday after the closing bell. The company reported non-GAAP net income of $234 million, or $0.17 per share. This was considerably lower than analysts' consensus EPS estimates of $0.25. Net sales were $2.52 billion, which beat analysts' estimates of $2.38 billion. In the late trading session, AMAT shares have gained 0.62% to $11.40. Presumably the bullish after hours traders in AMAT are focusing on the revenue beat, as the EPS numbers were ugly. “Applied had strong results across our semiconductor, display and crystalline silicon solar businesses, and we now expect Silicon Systems Group net sales to be up by more than 160 percent over fiscal 2009,” said Mike Splinter, chairman and chief executive officer. “During the quarter, we took actions that focus our Energy and Environmental Solutions segment on our most promising opportunities in solar and advanced energy, and strengthen our company’s financial outlook.”