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Lam Research Reports Record Quarterly Results

Lam Research beat analyst earnings and revenue estimates for the March quarter, and its guidance also came in ahead of expectations.
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Lam Research  (LRCX) - Get Lam Research Corporation Report reported record fiscal third quarter results that beat analyst estimates on Wednesday.

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.

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“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%).