Applied Materials, Inc. announced record financial results for its fourth quarter and full fiscal year ended October 27, 2024. For the fourth quarter, the company generated $7.05 billion in revenue, with non-GAAP earnings per share (EPS) reaching a record $2.32. Full fiscal year 2024 saw record revenue of $27.18 billion and record non-GAAP EPS of $8.65, marking the fifth consecutive year of growth.
The company reported strong cash generation, with $2.58 billion in cash from operations during Q4 and $8.68 billion for the full fiscal year. Applied Materials returned $1.77 billion to shareholders in Q4 through $1.44 billion in share repurchases and $329 million in dividends, demonstrating a robust capital allocation strategy.
Despite the strong past performance, Applied Materials provided a first-quarter fiscal 2025 outlook that fell below Wall Street estimates. The company projected net revenue of approximately $7.15 billion, plus or minus $400 million, and non-GAAP diluted EPS of $2.29, plus or minus $0.18, signaling sluggish demand for chipmaking equipment outside of AI-powered chips.
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