Lam Research +3.4% on Q2 beats, upside guidance
Lam Research (NASDAQ: LRCX) shares are up 3.4% aftermarket following Q2 results that beat EPS and revenue estimates.
Upside Q3 guidance: Shipments, $3.05B to $3.3B; revenue, $2.73B to $2.98B (consensus: $2.64B); gross margin, 46% +/- 1%; operating margin, 29% +/- 1%; EPS, $4.20 to $4.50 (consensus: $3.75).
Key Q2 results: Shipments, $2.63B (+11% Y/Y); non-GAAP gross margin, 47.6% (+40 bps); operating margin, 30.2% (+60 bps).
Financials: Cash and equivalents, $6B (-$0.4B Q/Q); cash flow from operations, $29M; deferred revenue, $1.1B; operating expenses, $448.7M; total liabilities, $6.6B.
Staff change: Lam promotes COO Tim Archer to President effective immediately. Archer will retain his COO role. Current President and CEO Martin Anstice will keep his CEO role.
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Semiconductor peers that could move with Lam include Applied Materials (NASDAQ: AMAT) , currently up 0.6%, and KLA-Tencor (NASDAQ: KLAC).
FWIW, I own KLAC w/ my first and only BUY 8/2015 @ $49.50/share. These semi companies always sold at/near market PE's but have had excellent growth (3 year growth was 86%).
LRCX growth has even been better than KLAC.
EKS |
