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Applied Materials Inc AMAT
Q4 2012 Earnings Call Transcript

Transcript Call Date 11/15/2012

Operator: Welcome to the Applied Materials Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, you will be invited to participate in a question-and-answer session. As a reminder, this conference is being recorded today, November 15, 2012.

Today’s call contains forward-looking statements, which are all statements other than those of historical facts, including statements regarding Applied’s industry outlook, opportunities, market position, cost reduction activities, strategic priorities, products, cash deployment, and Q1 of 2013 business outlook. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Information concerning these risk factors is contained in today’s earnings release and in our most recent 10-Q and 8-K filings. Forward-looking statements are based on information as of November 15, 2012, and Applied assumes no obligation to update such statements.

Today’s call also includes non-GAAP financial measures. Reconciliations to GAAP measures are contained in today’s earnings release and in the financial highlight slides, which are on the Investor page of our website at appliedmaterials.com.

I would now like to turn the conference over to Michael Sullivan, Vice President of Investor Relations. Please go ahead, sir.

Michael Sullivan - IR: Thank you, Marly, and good afternoon. Joining me today are Mike Splinter, our Chairman and CEO; Gary Dickerson, our Company’s President; George Davis, our Chief Financial Officer; and Joe Sweeney, our General Counsel and Corporate Secretary.

Today we’ll discuss the results for our fourth quarter and year ended October 28. You can find a copy of our earnings release on our website, appliedmaterials.com where you will also find our quarterly financial highlights presentation, which provides additional details.

Let me now hand the call over to Mike Splinter.

Michael R. Splinter - Chairman and CEO: Thanks Mike and good afternoon everyone. In our fourth quarter Applied posted profits at the high-end of our outlook, despite challenging industry conditions in semiconductor, solar and display. I'd like to take this opportunity to thank the entire Applied Materials team. Their focus and commitment resulted in the Company delivering $8.7 billion of revenue and $0.75 of non-GAAP earnings per share for the year. Our strong cash flow performance allowed us to increase our quarterly dividend and share buybacks returning $1.85 billion to shareholders. Since completing the Varian acquisition, we've made excellent progress with integration. Exiting the year, we have realized over $50 million of run rate synergy savings well ahead of our target.

In addition, we have deployed key talent from the Varian management team two new roles in the Company. In June, Gary Dickerson joined as our new President to bring renewed focus on our growth strategy. Gary is leading important changes that will strengthen our product development capabilities and he will provide details in a few minutes.

Read our Earnings Call Transcript disclaimer.
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