Lam Beats on Both Lines

The chip-equipment maker beats Street estimates by 9 cents.
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Chip-processing equipment maker

Lam Research

(LRCX) - Get Report

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.