Applied Materials

Applied Materials  (NASDAQ:AMAT) reported Q3 non-GAAP earnings   of $1.90 per diluted share, down from $1.94 a year earlier. Analysts polled by Capital IQ expected $1.75. Net sales for the quarter ended July 30 were $6.43 billion, down from $6.52 billion a year earlier. Analysts surveyed by Capital IQ expected $6.16 billion. The company said it expects Q4 non-GAAP diluted EPS between $1.82 and $2.18 on net sales of about $6.51 billion, plus or minus $400 million. Analysts polled by Capital IQ expect normalized EPS of $1.60 on revenue of $5.87 billion.

Applied Materials (NASDAQ:AMAT) reported fiscal Q2 non-GAAP adjusted earnings per diluted share of $2, up from $1.85 last year. Analysts polled by Capital IQ expected a normalized EPS of $1.83. Revenue for the quarter ended April 30 was $6.63 billion, up from $6.24 billion a year ago. Analysts surveyed by Capital IQ expected $6.37 billion. For fiscal Q3, Applied expects net sales of about $6.15 billion, plus or minus $400 million, and non-GAAP diluted EPS of $1.56 to $1.92. Analysts expect normalized EPS of $1.64 and revenue of $6.05 billion.

Exane BNP Paribas analyst Jerome Ramel downgrades Applied Materials(NASDAQ:AMAT) from Outperform to Neutral and announces $133 price target.