Applied Materials Revenue, Outlook Top Forecasts

Applied Materials reported a profit that matched Wall Street estimates, and gave an outlook that exceeded expectations, sending shares higher in late trading.

Excluding one-time items, the semiconductor firm said it earned 13cents a share in its fiscal first quarter. The company reported a loss of 2 cents a share in the same period last year.

Sales came in at $1.85billion, against a revenue of $1.33 billion last year.

Analysts who follow Applied Materials expected the company to report a profit of 13 cents a share on sales of $1.77 billion.

Applied Materials boosted its fiscal second quarter revenue guidance to between 17 cents a share and 22 cents a share, excluding one-time items. Analysts' earlier consensus was 15 cents a share.

The company's shares rosein extended trading Wednesday.

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Applied Materials' shares closed slightly higher at $12.97 on the New York Stock Exchange, ahead of the firm posting its earnings. Volume exceeded 24 million shares before the closing bell.

"With global demand improving in our customers' end markets, we are raising our full-year revenue target to reflect higher anticipated demand in our semiconductor, LCD display and crystalline silicon solar businesses," said Mike Splinter, CEO of Applied Materials in a prepared statement.