Applied Materials Announces Fourth Quarter and Fiscal Year 2024 Results

Core Viewpoint - Applied Materials reported record revenue and earnings for the fourth quarter and fiscal year 2024, driven by strong demand in semiconductor innovation and materials engineering [6][4]. Quarterly Results - Quarterly revenue reached $7.05 billion, a 5% increase year over year [1][7]. - GAAP EPS was $2.09, down 12% year over year, while non-GAAP EPS was $2.32, up 9% year over year [1][2]. - Gross margin on a GAAP basis was 47.3%, with record operating income of $2.05 billion, representing 29.0% of net revenue [2][7]. Annual Results - Annual revenue for fiscal 2024 was $27.18 billion, up 2% year over year [1][4]. - GAAP EPS for the year was $8.61, up 6% year over year, while non-GAAP EPS was $8.65, up 7% year over year [1][4]. - The company generated $8.68 billion in cash from operations and distributed $5.01 billion to shareholders [5][3]. Business Outlook - For the first quarter of fiscal 2025, Applied expects net revenue to be approximately $7.15 billion, plus or minus $400 million, with non-GAAP diluted EPS expected to be around $2.29, plus or minus $0.18 [9][10]. Segment Information - In Q4 FY2024, the Semiconductor Systems segment generated net revenue of $5.18 billion, with an operating income of $1.82 billion [12]. - Applied Global Services segment reported net revenue of $1.64 billion, with an operating income of $492 million [13]. Cash Flow and Shareholder Returns - The company generated $2.58 billion in cash from operations in Q4 FY2024 and returned $1.77 billion to shareholders through share repurchases and dividends [3][5]. - Non-GAAP free cash flow for the quarter was $2.17 billion, a significant increase from the previous year [8][35].