Lam Research net falls, but tops analyst forecasts
Wed Oct 12, 2005 04:22 PM ET
SAN FRANCISCO, Oct 12 (Reuters) - Lam Research Corp. (LRCX.O: Quote, Profile, Research) , a supplier of wafer fabrication tools, on Wednesday posted a sharp fall in quarterly profits amid an industry-wide slump, but the profit still topped Wall Street expectations.
Net profit for the first fiscal quarter ended Sept. 25 rose to $49.5 million, or 35 cents per diluted share, compared with a year-earlier profit of $89.8 million, or 64 cents a share.
Wall Street was looking for a profit, on average, of 30 cents per share. Estimates ranged between 26 cents and 34 cents per share, according to Reuters Estimates data.
Revenue fell 23 percent to $320.9 million from $419.5 million in the first quarter of last year -- a recent highwater mark for the industry, which enjoyed a banner year in 2004 only to see chip makers sharply curtail their spending in 2005.
Analysts were looking for revenue of $324.9 million in the latest quarter. Forecasts ranged from $311.3 million to $340.0 million, according to Reuters Estimates.
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