What drove AMAT's consistent EPS growth in 2024?

Applied Materials (AMAT) experienced consistent EPS growth in 2024 due to several key factors:

1. Strong Revenue Performance: AMAT's net revenue exceeded analysts' estimates in multiple quarters, with a robust performance across its segments. For example, the Semiconductor Systems segment grew by 6% year-over-year, and the Applied Global Services (AGS) segment reported an 11.4% increase in revenues.
2. New Product Introductions: The company introduced a portfolio of new products and solutions tailored to meet the patterning requirements of chips, particularly in the "angstrom era". These innovations likely contributed to improved operational efficiencies and market share gains.
3. Technological Advancements: AMAT's focus on materials engineering technologies and metrology solutions for advanced chip manufacturing processes, such as EUV and High-NA EUV lithography, positioned it well to capitalize on the growing demand for sophisticated chips.
4. Strategic Positioning: AMAT's enabling portfolio of technologies for chips that underpin tectonic shifts in technology, including AI, IoT, electric vehicles, and clean energy, positioned it to grow along with these long-term secular trends.
5. Geographical Expansion: The company reported strong momentum across various geographical regions, including the United States, Japan, Korea, China, and Southeast Asia. This diversified revenue base likely contributed to stable and consistent earnings growth.

In summary, AMAT's consistent EPS growth in 2024 was driven by strong revenue performance, new product introductions, technological advancements, strategic positioning, and geographical expansion. These factors collectively supported the company's financial growth and profitability.