Lam Research (LRCX) Posts Earnings Beat & Strong Guidance

Lam Research Corporation ( (NASDAQ:LRCX) ) just released its latest quarterly financial results, posting adjusted non-GAAP earnings of $4.34 per share and revenues of $2.58 billion.

Currently, LRCX is a Zacks Rank #2 (Buy) and is up 1.54% to $212.96 per share in trading shortly after its earnings report was released.

Lam Research:

Beat earnings estimates. The company posted non-GAAP adjusted earnings of $4.34 per share, beating the Zacks Consensus Estimate of $3.69. Lam Research’s non-GAAP results exclude estimated income tax expenses associated with U.S. tax reform. On a GAAP basis, the firm reported a loss of 6 cents per share during the quarter.

Beat revenue estimates. The company saw revenue figures of $2.58 billion, just edging out our consensus estimate of $2.57 billion. Shipments in the quarter totaled $2.63 billion.

“Semiconductor innovation is contributing increased value in a data-driven economy and we believe that trend is quite fundamental, exciting and sustainable: in 2018 we expect record levels of customer equipment spending and another year of outperformance opportunity for the company,” said CEO Martin Anstice.

Lam Research expects revenues for the March 2018 quarter to be $2.85 billion, plus or minus $125 million. Non-GAAP earnings are expected to be $4.35 per share, plus or minus $0.15 per share. Our current consensus estimates are calling for earnings of $3.81 per share and revenues of $2.66 billion.

Here’s a graph that looks at Lam Research’s earnings surprise history:

Lam Research Corporation Price, Consensus and EPS Surprise

Lam Research Corporation Price, Consensus and EPS Surprise | Lam Research Corporation Quote

Lam Research is a trusted global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam's broad portfolio of market-leading deposition, etch, and clean solutions helps customers achieve success on the wafer by enabling device features that are 1,000 times smaller than a grain of sand, resulting in smaller, faster, more powerful, and more power-efficient chips. Through collaboration, continuous innovation, and delivering on commitments, Lam is transforming atomic-scale engineering and enabling its customers to shape the future of technology.

Check back later for our full analysis on LRCX’s earnings report!

Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!

The Hottest Tech Mega-Trend of All

Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.

See Zacks' 3 Best Stocks to Play This Trend >>