LRCX ($16-$17) P/E 17...Beats by 6 Cents..warns..
Tuesday October 9 4:32 PM ET
Lam Research Results Top Forecasts
FREMONT, Calif. (Reuters) - Lam Research Corp.(Nasdaq:LRCX - news), which makes equipment to manufacture semiconductors, on Tuesday reported third-quarter results that beat forecasts, but the company said chip makers continued to cut capital spending.
The company, based in Fremont, California, said it had a loss of $8.9 million, or 7 cents a share, for the quarter ending Sept. 23, compared with a loss of $102.3 million, or 76 cents a share, a year earlier. Sales rose to $339.6 million from $305 million.
Excluding restructuring charges of $21 million and a charge of $18 million to re-price its put and call options in its own stock, Lam said it earned $28 million, or 21 cents.
On that basis, analysts on average had forecast the company to earn 16 cents a share, according to Thomson Financial/First Call. Estimates ranged from a profit of 9 cents to 24 cents a share.
Shares of Lam fell $2.06, or 11 percent, to $16.64 on the Nasdaq. The stock has risen 15 percent this year, compared with a 30 percent decline in the Philadelphia Stock Exchange Semiconductor Index. |
