NEW YORK (TheStreet) -- Shares of Lam Research (LRCX) - Get Report were gaining 2.4% to $79.50 after-hours Wednesday after the wafer fabrication equipment supplier beat analysts' estimates for earnings in the fiscal fourth quarter.

Lam Research reported earnings of $1.50 a share for the fourth quarter, above analysts' estimates of $1.47 a share for the quarter. Revenue grew 18.4% year over year to $1.48 billion, compared to analysts' estimates of $1.46 billion.

The company said it expects earnings of $1.70 a share plus or minus 10 cents (range of $1.60 to $1.80) and revenue of $1.60 billion plus or minus $74 million (range of $1.525 billion to $1.675 billion) for the fiscal first quarter. Analysts expect Lam Research to report earnings of $1.48 a share and revenue of $1.41 billion for the third quarter.

"Lam posted record June quarter results and concluded the strongest fiscal year in our history by delivering over $5 billion in both shipments and revenue and $1 billion in operating income for the first time," President and CEO Martin Anstice said in a statement.

TheStreet Ratings team rates LAM RESEARCH CORP as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate LAM RESEARCH CORP (LRCX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. We feel its strengths outweigh the fact that the company shows weak operating cash flow."

You can view the full analysis from the report here: LRCX Ratings Report

LRCX data by YCharts

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