BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Applied Materials Announces Second Quarter 2024 Results
- Revenue: $6.65 billion, flat year over year
- GAAP Operating Margin: 28.8%
- Non-GAAP Operating Margin: 29.0%
- GAAP EPS: $2.06, up 11% year over year
- Non-GAAP EPS: $2.09, up 5% year over year
- Cash Generated from Operations: $1.39 billion
Revenue and Profitability
In the second quarter of 2024, Applied Materials, Inc. (NASDAQ: AMAT) reported a revenue of $6.65 billion, consistent with the same period last year. The company's GAAP operating margin stood at 28.8%, while the non-GAAP operating margin was slightly lower at 29.0%, reflecting a minor decrease of 0.1 percentage point from the previous year.
Earnings Per Share (EPS)
- GAAP EPS: Increased by 11% to $2.06
- Non-GAAP EPS: Increased by 5% to $2.09
The strong EPS growth highlights Applied Materials' ability to maintain profitability and deliver value to shareholders.
Cash Flow and Shareholder Returns
Applied Materials generated $1.39 billion in cash from operations during the quarter. The company returned $1.09 billion to shareholders through $820 million in share repurchases and $266 million in dividends.
CEO Commentary
Gary Dickerson, President and CEO of Applied Materials, commented on the performance: "Applied Materials continues to deliver strong performance in 2024, with fiscal second quarter revenue and earnings towards the high end of our guided range. Applied Materials has the most enabling portfolio of materials engineering technologies for chips that underpin tectonic shifts in technology including AI, IoT, electric vehicles, and clean energy, which puts us in a great position to grow along with these long-term, secular trends."
Segment Performance
Semiconductor Systems
- Revenue: $4.901 billion (Q2 FY2024), down from $4.977 billion (Q2 FY2023)
- Operating Income: $1.701 billion
- Operating Margin: 34.7%
Applied Global Services
- Revenue: $1.530 billion, up from $1.428 billion in the same quarter last year
- Operating Income: $436 million
- Operating Margin: 28.5%
Display and Adjacent Markets
- Revenue: $179 million, up from $168 million in Q2 FY2023
- Operating Income: $5 million
- Operating Margin: 2.8%
Corporate and Other
- Unallocated Net Revenue: $36 million, down from $57 million in Q2 FY2023
- Unallocated Costs: $266 million, compared to $261 million in the previous year
Business Outlook
For the third quarter of fiscal 2024, Applied Materials expects:
- Net Revenue: Approximately $6.65 billion, plus or minus $400 million
- Non-GAAP Diluted EPS: Expected to range between $1.83 and $2.19
This outlook excludes known charges related to completed acquisitions and other tax-related items, providing a clear view of the company's anticipated core performance.
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