Applied Materials also forecast a range of potential revenue for the current quarter with a midpoint of $6.51 billion, compared with the consensus view of $5.87 billion.

Applied Materials shares rose 3.2% to $142 following the release in post market trading. The company’s key customers include Intel (INTC) and

Taiwan Semiconductor Manufacturing

(TSM).

(This is breaking news. Read a preview of Applied Materials earnings below and check back for more analysis soon.)

Applied Materials could beat Street estimates when the equipment maker reports earnings after the market close.

The analyst consensus for

Applied Materials

(ticker: AMAT) is for the company to report July quarter revenue of $6.15 billion with adjusted earnings per share of $1.74. Analysts’ estimates for the current quarter is EPS of $1.60 and revenue of $5.87 billion.

The company’s key customers include Intel (INTC) and Taiwan Semiconductor Manufacturing (TSM).

Early this week, Stifel analyst Brian Chin reaffirmed his Buy rating and $150 target for Applied Materials. He is optimistic the company’s differentiated product leadership will help it do better than its rivals. The stock is currently around $138.

“Outperformance is likely,” he wrote. “We expect the company to meet ours/consensus estimate…Applied revenue will remain substantially more buoyant than the broader” industry.

The analyst says Applied is benefiting from orders for its less advanced ICAPS business, which serves the auto and industrial markets.

Over the past year, Applied Materials shares have rallied 29%, compared with the 16% rise for the

iShares Semiconductor exchange-traded fund,
which tracks the performance of the ICE Semiconductor Index.

Write to Tae Kim at [email protected]