Applied Materials, Inc. (AMAT - Free Report) released its latest quarterly financial results, posting adjusted earnings of $1.06 per share and revenues of $4.20 billion.

Currently, AMAT is a Zacks Rank #3 (Hold), but that could change based on today’s results. The stock closed nearly 5% higher today and is currently up an additional 1.04% to $52.50 per share in after-hours trading shortly after its earnings report was released.

Applied Materials:

Beat earnings estimates. The company posted non-GAAP earnings of $1.06 per share, beating the Zacks Consensus Estimate of $0.97. On a GAAP basis, Applied reported earnings of $0.13 per share. This result was affected by a one-time charge related to recent U.S. tax legislation.

Beat revenue estimates. The company saw revenue figures of $4.20 billion, surpassing our consensus estimate of $4.10 billion.

Applied increased its cash flow from operations by 85% year-over-year to reach $1.47 billion. Total revenues increased 28% from the prior-year period. Non-GAAP earnings grew 56%.

“We see sustainable strength in our markets as large, powerful trends drive a fundamental shift in the demand for semiconductors and displays,” said CEO Gary Dickerson.

For the current quarter, Applied expects revenues to be in the range of $4.35 billion to $4.55 billion. Non-GAAP earnings are expected to fall in the range of $1.10 per share to $1.18 per share. Our current consensus estimates are calling for earnings of $0.99 per share and revenues of $4.16 billion.

Here’s a graph that looks at Applied’s recent earnings performance:

Applied Materials, Inc. Price, Consensus And EPS Surprise

Applied Materials, Inc. Price, Consensus and EPS Surprise | Applied Materials, Inc. Quote

Applied Materials is one of the world’s largest suppliers of fabrication equipment to semiconductor, LCD, and solar PV cell manufacturers. The company also provides equipment used in the production of coatings for flexible electronics and services related to manufacturing processes and installation.