Lam Research Q1 Profit Tops Estimate; Guides Q2 Profit Above Consensus

(RTTNews) - Lam Research Corp. (LRCX) reported net income for the first quarter of $85.5 million or $0.50 per share, compared to $2.8 million or $0.02 per share for the year-ago quarter.

Excluding items, adjusted net income for the latest quarter was $139.2 million, or $0.81 per share.

Revenue of the first quarter rose to $1.02 billion from $906.89 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.72 per share on revenue of $1.01 billion for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecast revenue of about $1.1 billion plus or minus $30 million, and earnings of about $1.02 per share plus or minus $0.05 per share. Analysts currently expect the company to earn $0.95 per share on revenue of $1.10 billion for the second quarter.