North Coast Solar Stocks

May 12, 2009

Applied Materials Q2 Revs Top Expectations; Orders Weak

Filed under: AMAT — Tags: , , , — Jason @ 4:26 pm

Posted by Eric Savitz
barrons.com

Applied Materials (AMAT) posted revenue for the fiscal second quarter ended April 26 of $1.02 billion, well ahead of the Street consensus of $906.1 million. The company had said revenues would be down about 30% sequentially; the actual results were down only 23.3%. Revenues were down almost 53% versus the year-ago quarter. The non-GAAP loss of 10 cents a share was in line with expectations.

But the real story this quarter is the disappointing weakness in orders, which totaled $649 million, down from $903 million in the fiscal first quarter, and $2.4 billion a year ago. Here’s the breakdown by segment:

* Silicon systems orders were $259 million, up from $246 million in first quarter, an increase of just 5.3%, and a number that is likely not to be well received by the Street, which had hoped for a sequential order increase of 20% or more in chip-making gear. A year ago, the sector had orders of $1.061 billion.
* Orders for the display sector fell to just $13 million, from $26 million in the previous quarter, and $493 million a year ago.
* Orders from the energy and environmental solutions sector – mostly the company’s solar business – fell to $141 million from $321 million in fiscal Q1 and $247 million a year ago.
* Applied Global Services sector orders were $236 million, down from $310 million in FY Q1, and $602 million a year ago.

In late trading, AMAT is down 28 cents, or 2.4%, to $11.20.

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