AP NEWS
Related topics

Lam Research: Fiscal 1Q Earnings Snapshot

October 23, 2019 GMT

FREMONT, Calif. (AP) _ Lam Research Corp. (LRCX) on Wednesday reported fiscal first-quarter earnings of $465.8 million.

The Fremont, California-based company said it had net income of $3.09 per share. Earnings, adjusted for one-time gains and costs, came to $3.18 per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3 per share.

The semiconductor equipment maker posted revenue of $2.17 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $2.15 billion.

For the current quarter ending in January, Lam Research expects its per-share earnings to range from $3.60 to $4. Analysts surveyed by Zacks had forecast adjusted earnings per share of $3.16.

The company said it expects revenue in the range of $2.35 billion to $2.65 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $2.19 billion.

Lam Research shares have risen 71% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. In the final minutes of trading on Wednesday, shares hit $233.18, a rise of 59% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LRCX at https://www.zacks.com/ap/LRCX