Chip-processing equipment maker
on Thursday beat Street third-quarter earnings estimates by 9 cents and also boosted its bottom line.
Revenue rose to $650.3 million from $437 million. Earnings for the Fremont, Calif.-based company jumped to $164.7 million, or $1.15, compared with $86.3 million, or 65 cents a share, in the same period last year.
Shares of Lam gained 0.9%, or 46 cents, to $51.44 in recent after-hours trading.
Analysts polled by Thomson First Call sought earnings of $1.06 a share on revenue of $644.5 million.
Gross margin at $326.2 million for the March quarter met expectations at 50.2%.
Lam CEO Steve Newberry says that new product releases "combined with the anticipated successful execution of our wet clean product roadmap will position Lam to serve a larger segment of the wafer fab equipment market that is benefiting from a favorable secular demand outlook for advanced integrated circuits."
For the coming, or fourth quarter, Street consensus is for revenue of $649 million and earnings of $1.08 a share.
Earlier Thursday, the company received upgrades from Citigroup and HSBC Securities.