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Lam Research's CEO Discusses Q3 2012 Results - Earnings Call Transcript

Stocks in this article: LRCX

Shortly, Ernie will discuss financial results for the March 2012 quarter. Martin will then share Lam's business outlook for the June 2012 quarter before opening up the call for Q&A. The press release detailing our financial results was distributed over the wire services shortly after 1 p.m. this afternoon and is also available on our website at lamresearch.com.

Today's call contains certain forward-looking statements, including those related to our expectations for the global macroeconomic environment of market size; wafer fab equipment spending; market share changes; consumer demand, customer spending and behavior and the factors that will influence those expectations, as well as our spending projections; our investment plans; our business strategies; our aspirations of the benefits of our planned merger with Novellus; our intentions for research and development activities; our contemplated tax rate and our forecast of market share, shipments, revenues, expenses, margins, operating profit, share repurchase activities, earnings per share and cash generation on both a GAAP and a non-GAAP basis, as well as other statements of the company's expectations, beliefs and plans.

There are important factors that could cause actual results to differ materially from those described in these forward-looking statements, and a list of those factors can be found in the slide package accompanying this conference call and on our most recent Form 10-K filed with the Securities and Exchange Commission.

All forward-looking statements are based on current information, and the company assumes no obligation to update any of them. This call is scheduled to last until 3:00 p.m. [Operator Instructions]

With that, I'll turn the call over to you, Ernie.

Ernest E. Maddock

Thank you, Shanye, and good afternoon, everyone. Thanks for joining the call. The March quarter represented a solid start to the calendar year as Lam shipments, revenue, gross margin, operating margin and EPS results met or exceeded the midpoint of our guidance ranges. Relative to these specifics, shipments for the quarter were approximately $713 million, up 27% from the December quarter and indicative of improving customer demand across all product lines and most notably, in the foundry space.

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