The semiconductor equipment maker reported adjusted earnings of $7.49 on revenues of $3.85 billion for its quarter ending in March. Analysts polled by FactSet were expecting adjusted earnings of $6.62 per share on revenues of $3.72 billion.
Lam shares were falling 0.35% to $639 after-hours on Wednesday after finishing the day's session up 4.6%. Shares are up almost 36% year to date and 163% over the last 12 months.
“Lam’s growth trajectory continues with record revenue and earnings per share delivered in the March quarter,” said Tim Archer, Lam Research’s President and Chief Executive Officer, in a statement. “Semiconductors are reaching new heights of strategic relevance, and Lam’s differentiated ability to meet our customers’ scaling challenges positions us well amid a strong wafer fabrication spending environment.”
Lam provided revenue guidance of $3.75 billion to $4.25 billion for the June quarter, compared to analyst consensus estimates of $3.72 billion. Lam also guided for adjusted net income in the quarter of $7.00 to $8.00 per share, compared to consensus estimates of $6.78 per share.
For the March quarter, Lam reported adjusted gross margins of 46.3% compared to 46.6% in the previous quarter, and adjusted operating income as a percentage of revenue of 31.6%, versus 30.3% in the previous quarter.
Lam also provided the following geographical breakdown of revenues in the March quarter: China (32% of revenue), Korea (31%), Taiwan (14%), Japan (7%), Southeast Asia (7%), United States (5%) and Europe (4%).