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Applied Materials Names New CEO As Earnings Drop

Applied Materials Inc. on Thursday reported a fiscal third-quarter profit of $168 million, or 14 cents a share, on revenue of $1.98 billion. During the year-ago quarter, Applied Materials earned $218 million, or 17 cents a share, on $2.34 billion in revenue. Excluding one-time items, the semiconductor equipment-maker would have earned 18 cents a share. Analysts surveyed by FactSet had forecast Applied Materials to earn 19 cents a share on sales of $2.06 billion. Applied Materials also named company president Gary Dickerson as its new Chief Executive. Dickerson replaces Michael Splinter, who was named the company's new executive chairman. Applied Materials' shares fell 2.4% in after-hours trading.Copyright © 2013 MarketWatch, Inc....

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