Applied announced a generated revenue of $6.71 billion. The company’s GAAP-based report indicated a gross margin of 47.8 percent, operating income of $1.97 billion, or 29.3 percent of net revenue, and earnings per share (EPS) of $2.41. In contrast, the non-GAAP basis report showed a gross margin of 47.9 percent, an operating income of $1.98 billion, or 29.5 percent of net revenue, and an EPS of $2.13.

The recent disclosure regarding the change in useful lives of certain property, plant, and equipment resulted in an increase of GAAP and non-GAAP EPS by $0.03. The company also generated $2.33 billion in cash from operations and distributed $966 million to shareholders. This includes $700 million in share repurchases and $266 million in dividends.

Looking ahead to the second quarter of fiscal 2024, Applied anticipates a net revenue of approximately $6.50 billion, with a margin of plus or minus $400 million. The expected range for non-GAAP diluted EPS is between $1.79 and $2.15.

Amat is up 9.7% in after hours trade, hitting a new 52 week high at 206.00