Lam Research: Fiscal 2Q Earnings Snapshot
FREMONT, Calif. (AP) _ Lam Research Corp. (LRCX) on Wednesday reported fiscal second-quarter net income of $568.9 million, after reporting a loss in the same period a year earlier.
The Fremont, California-based company said it had profit of $3.51 per share. Earnings, adjusted for amortization costs and pretax expenses, were $3.87 per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.67 per share.
The semiconductor equipment maker posted revenue of $2.52 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $2.5 billion.
For the current quarter ending in April, Lam Research expects its per-share earnings to range from $3.20 to $3.60. Analysts surveyed by Zacks had forecast adjusted earnings per share of $3.41.
The company said it expects revenue in the range of $2.25 billion to $2.55 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $2.45 billion.
Lam Research shares have risen slightly more than 2 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 5 percent. In the final minutes of trading on Wednesday, shares hit $139.38, a fall of 35 percent in the last 12 months.