Shares of Applied Materials, Inc. (NASDAQ:AMAT) ended Tuesday session in green amid volatile trading. The shares closed up +0.29 points or 0.99% at $29.64 with 17.38 million shares getting traded. Post opening the session at $29.35, the shares hit an intraday low of $29.26 and an intraday high of $29.76 and the price vacillated in this range throughout the day. The company has a market cap of $31.37 billion and the numbers of outstanding shares have been calculated to be 1.08 billion shares.
Applied Materials, Inc. (AMAT) on Sept. 21, 2016 announced target non-GAAP adjusted earnings per share of $2.45 to $3.17 for fiscal 2019, with a midpoint of $2.80. This would represent compound earnings growth of approximately 17 percent over the next three years.
Applied highlighted how the semiconductor industry’s major transition from lithography-based scaling to materials-enabled scaling has increased Applied’s addressable opportunity from 53 percent of WFE spending in calendar 2012 to an estimated 63 percent this year. With the broadest portfolio of materials engineering technologies and its unique Product Development Engine process, Applied now expects to achieve a 4-point gain in its share of WFE spending and nearly double its display business, from 2012 through 2016. By delivering enabling service products to support customers as they make these challenging technology transitions, the company expects to grow its services business revenue by $600 million from fiscal 2013 through 2016.
“Our innovation leadership strategy, combined with the breadth and depth of our materials engineering capabilities, puts Applied in a unique position to sustainably outperform our markets,” said Gary Dickerson, president and CEO. “Over the past few years, we strengthened our organization and processes while increasing investment in R&D, so that we see opportunities earlier, develop winning products faster and are delivering increased value for customers and shareholders.”
“We are raising the ceiling on our financial model based on our confidence that we have the right capability, strategy and operating model to deliver sustainable growth in the near and long term,” said Robert Halliday, senior vice president and CFO.