Lam Research: Fiscal 1Q Earnings Snapshot

FREMONT, Calif. (AP) _ Lam Research Corp. (LRCX) on Tuesday reported fiscal first-quarter profit of $533.4 million.

On a per-share basis, the Fremont, California-based company said it had net income of $3.23. Earnings, adjusted for one-time gains and costs, were $3.36 per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.21 per share.

The semiconductor equipment maker posted revenue of $2.33 billion in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $2.3 billion.

For the current quarter ending in January, Lam Research expects its per-share earnings to range from $3.45 to $3.85. Analysts surveyed by Zacks had forecast adjusted earnings per share of $3.77.

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 $2.3 billion.

Lam Research shares have dropped 21 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 5 percent. In the final minutes of trading on Tuesday, shares hit $145.27, a drop of 24 percent in the last 12 months.

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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