Applied Materials reports strong revenue and profit growth

Applied Materials' EES segment sees a drop in sales. Pictured is an Applied Materials Baccini Line screen printer.

US equipment manufacturer Applied Materials Inc. recorded a year-on-year increase in sales and profit in the first quarter of fiscal 2014, which ended Jan. 26, 2014. The company posted net sales of $2.19 billion for the quarter, up from $1.57 billion in the same quarter last year. Net income, meanwhile, increased significantly from $34 million in the first quarter of 2013 to $253 million in the first quarter of 2014. Applied Materials’ Energy and Environmental Solutions (EES) segment, which consists of the company’s PV, glass coating and web coating businesses, achieved net sales of $40 million, down 9% from the first quarter of past fiscal year, and an operating loss of $10 million. New orders for the EES segment were flat at $40 million.
Looking forward, Applied Materials expects overall net sales to be up 3 percent to 10 percent from the previous quarter.
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