• Quarterly revenue $7.05 billion, up 5 percent year over year
  • Quarterly GAAP EPS $2.09 and non-GAAP EPS $2.32, down 12 percent and up 9 percent year over year, respectively
  • Annual revenue $27.18 billion, up 2 percent year over year
  • Annual GAAP EPS $8.61 and non-GAAP EPS $8.65, up 6 percent and 7 percent year over year, respectively
SANTA CLARA, Calif., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its fourth quarter and fiscal year ended Oct. 27, 2024.

Fourth Quarter Results

Applied generated record revenue of $7.05 billion. On a GAAP basis, the company reported gross margin of 47.3 percent, record operating income of $2.05 billion or 29.0 percent of net revenue, and earnings per share (EPS) of $2.09.

On a non-GAAP basis, the company reported gross margin of 47.5 percent, record operating income of $2.06 billion or 29.3 percent of net revenue, and record EPS of $2.32.

The company generated $2.58 billion in cash from operations and distributed $1.77 billion to shareholders including $1.44 billion in share repurchases and $329 million in dividends.

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Full Year Results

In fiscal 2024, Applied generated record revenue of $27.18 billion. On a GAAP basis, the company recorded gross margin of 47.5 percent, record operating income of $7.87 billion or 28.9 percent of net sales, and record EPS of $8.61.

On a non-GAAP adjusted basis, the company reported gross margin of 47.6 percent, record operating income of $7.92 billion or 29.2 percent of net sales, and record EPS of $8.65.

The company generated a $8.68 billion in cash from operations and distributed $5.01 billion to shareholders including $3.82 billion in share repurchases and $1.19 billion in dividends.

"Applied Materials' technology leadership and strong execution drove record Q4 and fiscal 2024 performance, our fifth consecutive year of growth,” said Gary Dickerson, President and CEO. "Our portfolio of products and services uniquely positions us to enable our customers in their pursuit of AI and energy-efficient computing. As these key drivers of semiconductor innovation continue to grow in importance, the industry's roadmap is becoming increasingly dependent on materials engineering, where Applied is the clear leader.”

Results Summary

         Change
 Q4 FY2024 Q4 FY2023 FY2024 FY2023 Q4 FY2024

vs.

Q4 FY2023

 FY2024

vs.

FY2023

 (In millions, except per share amounts and percentages)  
Net revenue$7,045  $6,723  $27,176  $26,517  5% 2%
Gross margin 47.3%  47.1%  47.5%  46.7% 0.2 points 0.8 points
Operating margin 29.0%  29.3%  28.9%  28.9% (0.3) points -
Net income$1,731  $2,004  $7,177  $6,856  (14)% 5%
Diluted earnings per share$2.09  $2.38  $8.61  $8.11  (12)% 6%
Non-GAAP Results           
Non-GAAP gross margin 47.5%  47.3%  47.6%  46.8% 0.2 points 0.8 points
Non-GAAP operating margin 29.3%  29.5%  29.2%  29.1% (0.2) points 0.1 points
Non-GAAP net income$1,917  $1,786  $7,210  $6,802  7% 6%
Non-GAAP diluted EPS$2.32  $2.12  $8.65  $8.05  9% 7%
Non-GAAP free cash flow$2,168  $1,246  $7,487  $7,594  74% (1)%
                    
A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release. See also "Use of Non-GAAP Financial Measures” section.

Business Outlook

In the first quarter of fiscal 2025, Applied expects net revenue to be approximately $7.15 billion, plus or minus $400 million. Non-GAAP diluted EPS is expected to be approximately $2.29, plus or minus $0.18.

This outlook for non-GAAP diluted EPS excludes known charges related to completed acquisitions of $0.01 per share and includes a net income tax benefit related to intra-entity intangible asset transfers of $0.09 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax-related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

Fourth Quarter and Fiscal Year Reportable Segment Information

Effective in the first quarter of fiscal 2024, management began including share-based compensation expense in the evaluation of reportable segments' performance. Prior-year numbers have been recast to conform to the current-year presentation.

Semiconductor SystemsQ4 FY2024 Q4 FY2023 FY2024 FY2023
 (In millions, except percentages)
Net revenue$5,177  $4,883  $19,911  $19,698 
Foundry, logic and other 73%  69%  68%  77%
DRAM 23%  27%  28%  17%
Flash memory 4%  4%  4%  6%
Operating income$1,824  $1,741  $6,981  $6,879 
Operating margin 35.2%  35.7%  35.1%  34.9%
Non-GAAP Results      
Non-GAAP operating income$1,834  $1,751  $7,021  $6,918 
Non-GAAP operating margin 35.4%  35.9%  35.3%  35.1%
                

Applied Global ServicesQ4 FY2024 Q4 FY2023 FY2024 FY2023
 (In millions, except percentages)
Net revenue$1,639  $1,471  $6,225  $5,732 
Operating income$492  $401  $1,812  $1,529 
Operating margin 30.0%  27.3%  29.1%  26.7%
Non-GAAP Results      
Non-GAAP operating income$492  $401  $1,812  $1,529 
Non-GAAP operating margin 30.0%  27.3%  29.1%  26.7%
                

DisplayQ4 FY2024 Q4 FY2023 FY2024 FY2023
 (In millions, except percentages)
Net revenue$211  $298  $885  $868 
Operating income$5  $63  $51  $114 
Operating margin 2.4%  21.1%  5.8%  13.1%
Non-GAAP Results      
Non-GAAP operating income$5  $63  $ Advertisement

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