Lam Research 2Q Results Beat Expectations -- Earnings Review
6:57 pm ET July 26, 2018 (Dow Jones)
Micah Maidenberg
Lam Research Corp. (LRCX) on Thursday reported second-quarter results. Here's what you need to know:
PROFIT: The company, which makes chip fabrication equipment, reported a profit of more than $1 billion for the period, or $5.82 a share, compared to a $526.4 million profit last year, or $3.25 cents a share. Analysts surveyed by FactSet expected $4.78 a share for the period.
REVENUE: Lam recorded $3.13 billion in revenue, beating the consensus estimate compiled by FactSet of $3.07 billion.
COMMENTARY: "Lam's June quarter results confirmed 2018 as the strongest fiscal year in our history," Martin Anstice, Lam Research's chief executive officer, said in a statement.
OUTLOOK: The company forecast $2.3 billion in revenue for the quarter ending in September, less than the consensus estimate of $2.8 billion compiled by FactSet. Lam predicts $2.98 a share in profit, less than the $3.75 a share expected by analysts.
SHARES: Lam's stock gained 2.6% to $177.26 Thursday, and was up 4.5% in after-hours trading. For the year, shares are down 3.7%.
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