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AMAT FYQ3 Misses, Q4 View Light, Names Dickerson CEO

http://blogs.barrons.com/techtraderdaily/2013/08/15/amat-fyq3-misses-q4-eps-view-light-names-dickerson-ceo/?mod=yahoobarrons

By Tiernan RayChip equipment maker Applied Materials (AMAT) this afternoon reported fiscal Q3 revenue that missed analysts’ estimates, and named a replacement for its chief executive officer.

Revenue in the three months ended in July fell to $1.98 billion, yielding EPS of 18 cents a share.

Analysts had, on average, been expecting $2.06 billion and 19 cents per share.

For the current quarter, the company projected EPS of 16 cents to 20 cents, below the consensus for 21 cents. The company sees revenue being flat with last quarter, which would be below the average estimate for $2.15 billion.

Separately, the company said it named president Gary Dickerson, age 56, as its new CEO, replacing Mike Splinter, age 62, effective September 1st. Splinter has led the company for the last decade.

Applied shares are down 37 cents, or 2.6%, at $14.95, in late trading.