- Lam Research (NASDAQ:LRCX) drop 2.8% after hours as an inline first-quarter forecast offset fiscal fourth quarter results that exceeded analyst estimates.
- The semiconductor equipment company grew revenue 61% on the same quarter last year to $4.15B, beating analyst estimates by $120M. Adjusted earnings per share of $8.09 topped estimates by $0.47.
- Adjusted gross margin was 46.5%, slightly behind the 46.6% consensus. Operating margin was 32.6%.
- Capital expenditures were up from $50.6M in last year's quarter to $104.6M as companies move to build capacity amid the global chip shortage.
- “Lam continued its record performance in the June quarter, capping a fiscal 2021 with more than 45% revenue growth and an increase of over 70% in earnings per share,” says Lam Research President and CEO Tim Archer. “The combination of strong semiconductor demand and rising device complexity is driving higher levels of wafer fabrication equipment investment. Our technology differentiation and deep collaboration with customers position Lam to extend our leadership across all market segments.”
- For FQ1, Lam guides for revenue of $4.3B plus or minus $250M and adjusted earnings per share $8.10 plus or minus $0.50. Analysts expected Lam to guide for $4.16B in sales and $7.68 EPS.
- Lam Research peer Applied Materials (NASDAQ:AMAT) is down 1.3% after the report but is the only major equipment player posting a notable decline.
- Last week, peer ASML reported strong earnings that drove a semiconductor equipment rally.