Applied Materials Inc. (NASDAQ: AMAT) reported fiscal third quarter 2014 results after markets closed on Thursday afternoon. For the quarter, the semiconductor manufacturing equipment maker posted adjusted diluted earnings per share (EPS) of $0.28 on revenues of $2.27 billion. In the same period a year ago, the company reported adjusted EPS of $0.18 on revenues of $1.98 billion. Third-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.27 and $2.29 billion in revenues.

For the current quarter Applied Materials expects net sales to remain flat sequentially (plus or minus 3%) and to be 10% to 17% higher than the fourth quarter of 2013. Adjusted diluted EPS is forecast in a range of $0.25 to $0.29, up sharply from EPS of $0.19 a year ago. The forecast is generally in line with consensus analyst expectations which call for sales of $2.28 billion and EPS of $0.26 in the fourth quarter.

The company did not offer guidance for the full-year. The consensus estimate calls for EPS of $1.05 compared with $0.59 a year ago and 2014 revenue of $9.1 billion compared with $7.51 billion in 2013.

The company’s CEO said:

We have focused our strategy and investments in areas that have the largest impact for customers while driving improvements in execution and speed across the company. With these actions, we have improved our operating margins for seven quarters in a row and are making substantial progress towards our long-term financial model.

The company expects its merger with Tokyo Electron Ltd. to close in the second half of this year. The combined company has already adopted a new name, Eteris, and a new logo.

Applied Materials’ shares slid heavily from their peak in July, falling from over $23 to under $21 recently. However, shares were up nicely from the $18.60 price before last earnings. Shares also remain higher than the gap-up price of $20.11 the day after the earnings report in May.

Shares are up 2.4% in after-hours trading, at $21.66. The 52-week range is $14.85 to $23.46. Thomson Reuters had a consensus analyst price target of $24.10 before today’s report.

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