Lam Research Corporation (LRCX - Free Report) just released its latest quarterly financial results, posting adjusted earnings of $4.79 per share and revenues of $2.89 billion.
Currently, LRCX is a Zacks Rank #2 (Buy), but that could change based on today’s results. Shares of Lam Research had dipped more than 6% in the month ahead of its report date. However, the stock climbed more than 4% in regular trading hours Tuesday.
The stock is currently down 2.8% to $206.50 per share in after-hours trading shortly after its earnings report was released.
Beat earnings estimates. The company posted adjusted earnings of $4.79 per share, cruising past the Zacks Consensus Estimate of $4.36. Investors should note that this consensus estimate has remained level over the past two months.
Beat revenue estimates. The company saw revenue figures of $2.89 billion, beating our consensus estimate of $2.85 billion.
Total revenue was up 34.2% year over year. Shipments climbed 19% to reach $3.13 billion. Gross margin was 46.0% versus 46.7% last quarter. Lam Research had cash and cash equivalents of $6.7 billion at the end of the quarter, up from $6.0 billion at the end of the previous quarter.
“Lam continues to deliver strong performance, again setting new records highlighted by shipments exceeding three billion dollars in the March quarter. Fundamental to this achievement is increased strategic relevance enabling primary technology inflections now critical to our customers’ success,” said CEO Martin Anstice.
Lam Research expects to witness earnings in the range of $4.80 to $5.20 per share in the current quarter. Revenue is expected to come in at $2.95 to $3.25 billion. Heading into the day, our consensus estimates were calling for earnings of $4.59 per share and revenue of $2.91 billion.
Here’s a graph that looks at Company’s recent earnings performance:
Lam Research provides market-leading equipment and services for the fabrication of integrated circuits. Its products are used primarily in wafer processing—a key step in the manufacturing process that includes the creation of active components like transistors and capacitors. The company also exposure to wafer-level packaging and microelectromechanical systems.
Check back later for our full analysis on LCRX’s earnings report!
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