- 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.
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)% | |||||||||
