Applied Materials Surges After Reporting 75% Year-Over-Year Growth In EPS

Applied Materials (NASDAQ: AMAT) announced its fiscal second-quarter results after market close Thursday.

The company reported net sales of $2.35 billion which hit analyst estimates. This figure is up 19 percent from Q2 FY2013 and is also up from its $2.19 billion it reported after Q1 FY2014. The company also reported total orders of $2.63 billion which is a year-over-year growth of 16 percent.

In addition to strong sales results, Applied Materials also announced an EPS of $0.28, which also hit analyst estimates and is up 75 percent year-over-year.

President and CEO Gary Dickerson stated that Applied Mateials has had "significant financial improvements in financial performance and that we have expanded our operating margins to the highest level in three years."

For Q3 FY2014, Applied Materials anticipates net sales to be flat or down five percent, but should be up 13-19 percent from the same period last year. EPS is expected to be between $0.25-$0.29.

Shares of Applied Materials have risen 5.4 percent to $19.70 at last check.