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Lam Research Tops Earnings Goal But Sales, Outlook Light

Semiconductor equipment supplier Lam Research (LRCX) late Wednesday beat analyst estimates for earnings in the September-ended quarter but its sales were light. Its outlook also came up short. LRCX stock fell in extended trading.




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The Fremont, Calif.-based company earned an adjusted $8.36 a share on sales of $4.3 billion in its fiscal first quarter ended Sept. 26. Analysts had forecast Lam earnings of $8.23 a share on sales of $4.32 billion, according to FactSet. On a year-over-year basis, Lam earnings rose 47% while sales increased 35%.

For the current quarter ending Dec. 26, Lam expects to earn an adjusted $8.45 a share on sales of $4.4 billion. That’s based on the midpoint of its guidance. Wall Street had predicted Lam earnings of $8.47 a share on sales of $4.41 billion, FactSet said. In the year-earlier period, Lam earned $6.03 a share on sales of $3.46 billion.

“Driven by strong demand and solid execution, Lam delivered its sixth consecutive quarter of record revenue and earnings per share,” Chief Executive Tim Archer said in a news release.

LRCX Stock Drops

He added, “In a robust wafer fabrication equipment environment, Lam is delivering the innovation needed for the success of our customers’ semiconductor manufacturing roadmaps.”

In after-hours trading on the stock market today, LRCX stock dropped 3.5%, near 545.70. During the regular session Wednesday, LRCX stock fell 0.9% to close at 565.50.

LRCX stock ranks No. 16 out of 32 stocks in IBD’s semiconductor equipment industry group, according to IBD Stock Checkup. Lam Research has an IBD Composite Rating of 76 out of 99. IBD’s Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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