Lam Research Reports Profitable Quarter

The company's shares drop after the fourth-quarter report.
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Lam Research

(LRCX) - Get Report

said revenue rose in the fiscal fourth quarter and the company posted a profit, reversing a loss in the same period a year ago.

The semiconductor-equipment supplier said revenue for the quarter rose to $186.1 million from $180.3 million a year ago. The company earned $3.7 million, or 3 cents a share, compared with a loss of $31 million, or 24 cents a share, last year.

Ongoing earnings, which exclude the effects of tax benefits and restructuring charges, totaled $2.5 million, or 2 cents a share. Analysts polled by Thomson First Call were expecting earnings of 2 cents and revenue of $187.8 million.

New orders totaled $192 million in the fourth quarter and reached levels recorded in the prior quarter, the company said.

In Instinet action after the closing bell, shares of Lam Research were down $1.06, or 4.9%, to $20.73 from $21.79 at the 4 p.m. EDT end of

Nasdaq

trading.