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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders -- Ignore unavailable to you. Want to Upgrade?

To: FJB who wrote (5853)	4/25/2013 4:00:46 PM
From: Kirk ©	2 Recommendations Respond to of 5867

Lam's 3Q Earnings Beat, Revs Up Y/Y By Zacks Equity Research \| Zacks – 3 hours ago 4/25/13 finance.yahoo.com Lam Research Corporation( LRCX) reported third quarter fiscal 2013 non-GAAP earnings of 44 cents per share, beating the Zacks Consensus Estimate by 6 cents or 15.8%. Revenues of $844.9 million dropped 1.9% sequentially but grew 28.2% year over year. The year-over-year improvement was driven by continued strength in the foundry segment at the 28-nanometer node. Revenues by Geography Revenue contribution from North America in the third quarter was 26.0%, up 6.3% from the prior quarter. Europe’s contribution was 10.0%, up 22.7% sequentially. Korea saw the strongest growth among Asian countries, increasing 14.5%, followed by Japan, which was up 8.0%. Taiwan and other Asia, which Lam refers to as Asia-Pacific declined 1.9% and 36.2%, respectively. Japan, Korea, Taiwan and Asia-Pacific generated 11%, 14%, 26% and 13% of third quarter revenues, respectively. Shipments Shipments were roughly $896.0 million during the quarter, increasing 11.6% from $803.0 million in the prior quarter. Foundries accounted for 56% of total shipments, NAND 15%, DRAM 16.0%, with Logic and Others bringing in the balance. From a geographical perspective, North America contributed 21.0% of third quarter 2013 shipments (29.0% in the second quarter of 2013). Europe generated 9.0% (same as in the prior quarter), Japan brought in 11.0% (14.0% in the prior quarter), Korea contributed 12.0% (same as in the previous quarter), the Asia Pacific contributed 14.0% (same as in the previous quarter) and Taiwan accounted for 33.0% (22.0% in the December quarter). Margins The GAAP gross margin decreased 32 basis points (bps) year over year to 40.2%. Lower revenues coupled with unfavorable customer mix were the main reasons for the gross margin contraction. Total operating expenses of $329.0 million were up 57.4% from $209.0 million in the year-ago quarter. Operating margin was 1.3%, down 754 bps from 8.8% recorded in the previous-year quarter. Both research and development and selling, general and administrative expenses increased as a percentage of sales and the lower gross margin made matters worse. Net Income GAAP net income was $19.0 million or 2.2% of sales compared with income of $45.6 million or 6.9% of sales in the year-ago quarter. Reported earnings per share were 11 cents, down from 38 cents in the prior-year quarter. After adjusting for restructuring charges and impairment of long-lived assets on a tax-adjusted basis, non-GAAP earnings were 44 cents in the quarter compared with 50 cents in the year-ago quarter. Balance Sheet Inventories rose 2.8% sequentially to $545.0 million in the third quarter. The company ended the quarter with cash, cash equivalents and short-term investments of $2.36 billion, down from $2.52 billion in the previous quarter. Lam Research’s long-term debt and capital lease balance was $1.29 billion in the third quarter. Day sales outstanding (:DSO) were 63 days and inventory turns were 3.7X. Cash from operations was $102.5 million in the third quarter, down from $193.2 million in the previous quarter. Capital expenditure in the quarter was $34.8 million, down from the second quarter capex of $38.9 million. Lam Research undertook share repurchase activity of 5 million shares worth $214 million in the March quarter. Further it authorized new share repurchase activity of $250 million, which is expected to be complete in 2014. Guidance For the fourth quarter of 2013, Lam Research expects revenues in the range of $945.0 million–$1.05 billion. Shipments are expected to be roughly in the range of $1.045–$1.105 billion. Gross margin is expected to be in the range of 43%–45% and operating profit within a range of 11.5%–14.5%. Earnings are forecasted to be in the range of 63 cents to 77 cents on a share count of 168.0 million. The Zacks Consensus Estimate for the fourth quarter is pegged at 61 cents. Our Take Lam Research delivered decent third quarter 2013 results with the bottom line beating the Zacks Consensus Estimate. Strengthening demand at Taiwan Semiconductor was encouraging. But foundries are not the only segment seeing growth, Lam’s memory business was also very strong in the last quarter, with shipments at both NAND and DRAM customers increasing strong double-digits. Further, the company provided a strong fourth quarter guidance reflecting modest improvement in semiconductor spending. Lam Research is well-positioned in the semiconductor equipment segment and its closest peers in the segment are Applied Materials ( AMAT), Tokyo Electron and ASML Holding NV ( ASML). It has further solidified its position with the addition of Novellus Systems’ thin-film deposition and surface preparation product lines. We are positive about Lam Research’s strategic collaboration with Axcelis Technologies, Inc. ( ACLS) as it promises multiyear growth in etch, deposition, clean and installed base businesses. We are also optimistic about its prospects in non-oxidizing strip applications for advanced memory and logic applications. Further, Lam Research is witnessing strength in the advanced packaging segment as it won several design wins in advanced wafer-level packaging applications. Lam Research has a Zacks Rank #2 (Buy). Over half a year without a post!

To: FJB who wrote (5853)	5/14/2015 9:15:24 AM
From: Kirk ©	1 Recommendation Recommended By FJB Respond to of 5867

4:13 pm Lam Research announced its Kiyo F Series conductor etch system is enabling the transition of 3D NAND and advanced DRAM into volume production Briefing.com (Wed, May 13) Lam Research Kiyo(R) F Series Enables Critical Conductor Etch for Advanced Memory Marketwired Wed, May 13) For 3D NAND and Advanced DRAM, Kiyo F Series Delivers On-Wafer Performance With the Productivity Needed for High-Volume Manufacturing FREMONT, CA--(Marketwired - May 13, 2015) - Lam Research Corp. (LRCX), a major global supplier of innovative wafer fabrication equipment and services to the semiconductor industry, today announced its Kiyo® F Series conductor etch system is enabling the transition of 3D NAND and advanced DRAM into volume production. Key etch requirements for these applications include achieving tight critical dimension (CD) uniformity and control for 3D NAND and uniform etch depth for DRAM. Leveraging proprietary Mixed-Mode Pulsing (MMP) technology, the Kiyo F Series delivers the performance needed for advanced memory applications while maintaining high productivity. As a result, the product has won numerous critical etch market positions for advanced memory and other technology inflections, which is leading to additional market share gains. "For 3D NAND, our customers face significant challenges in addressing difficult etch requirements, meeting aggressive production ramps, and achieving the cost benefits they need to make the transition from planar NAND," said Vahid Vahedi, group vice president, Etch Product Group. "We are collaborating closely with them to address these new challenges and to enable this inflection by delivering robust, timely solutions without compromising productivity." By stacking memory cells vertically, NAND flash manufacturers can pack more storage capacity onto a smaller device, ease lithography requirements, and reduce manufacturing cost per bit. For multilayer 3D NAND structures, critical conductor etch processes include staircase etch and high aspect ratio (HAR) mask open for vertical channels. This mask open is crucial since it defines the CD and CD uniformity for subsequent etching of the vertical transistor channels. For staircase etch, equal-width "steps" are created at the edge of each dielectric-film pair throughout the 3D stack to form a staircase-shaped structure. Because of extensive repetition of these steps during device processing, etching at high throughput with stringent process control is vital. CD variability must be tightly managed since wordline contacts may otherwise miss landing on a step that is too narrow or uneven. For advanced DRAM devices, depth control is a key parameter, particularly for HAR front-end-of-line silicon etch applications. Concerns include aspect ratio loading, where etch rates vary because of differences in feature dimensions, and depth loading, where different etch depths may occur due to pattern density variations. Building on Lam's market-leading Kiyo conductor etch products, the Kiyo F Series delivers high productivity while minimizing variability for advanced memory applications. Lam's MMP technology provides advanced profile and CD control for vertical profiles with good selectivity and tuning controls for consistent etch depths. These capabilities enable higher trim rate for 3D NAND staircase etch along with excellent repeatability, which is needed for manufacturing environments. Symmetric chamber design and radial tuning provide best-in-class uniformity, which is essential for minimizing CD variability. For new generations of advanced memory as well as logic devices, MMP technology enables atomic layer etching (ALE), providing extendibility and repeatability with atomic-scale fidelity. Kiyo F Series has won production and development tool of record positions for critical conductor etch applications at all major memory manufacturers. For 3D NAND, applications include staircase etch and HAR mask open for vertical channel and slit; for DRAM, these include HAR gates, HAR trenches, and metal recess. Because of these wins, the Kiyo F Series installed base has more than tripled in the past 12 months. In addition, due to strong positions at technology inflections, the product is expected to gain significant adoption as next-generation processes move into production. About Lam Research finance.yahoo.com