GlobeNewswire

Applied Materials Announces Fourth Quarter and Fiscal Year 2024 Results

Applied Materials, Inc.
18 min read

In This Article:

Applied Materials, Inc.
Applied Materials, Inc.

  • 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)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

and

Recommended Stories