Copyright Investor's Business Daily
Semiconductor equipment maker Lam Research (LRCX) late Wednesday beat estimates for its fiscal first quarter ended Sept. 28 and guided higher than views for the current period. LRCX stock rose in extended trading. Fremont, Calif.-based Lam earned an adjusted $1.26 a share on sales of $5.32 billion in the September quarter. Analysts polled by FactSet had expected earnings of $1.22 a share on sales of $5.22 billion. In the same period last year, Lam earned 86 cents a share on sales of $4.17 billion. For the current quarter ending Dec. 28, Lam expects to earn $1.15 a share on sales of $5.2 billion. Analysts were modeling earnings of $1.03 a share on sales of $4.8 billion for its fiscal second quarter, according to FactSet. In the same quarter last year, Lam earned 91 cents a share on sales of $4.38 billion. "Lam's innovations are helping our customers address major AI-driven semiconductor manufacturing inflections," Chief Executive Tim Archer said in a news release. "We are executing well in an environment of tremendous opportunity, and with our expanding portfolio of products and solutions across critical device segments, we are strongly positioned for continued growth." In after-hours trading on the stock market today, LRCX stock rose nearly 3% to 145.21. During the regular session Wednesday, LRCX stock dropped 2.6% to close at 141.25. LRCX stock is on two IBD lists: Big Cap 20 and Tech Leaders. Follow Patrick Seitz on X at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks. YOU MAY ALSO LIKE: Vertiv Crushes Q3 Estimates On Strong AI Data Center Business. But Stock Falls. Texas Instruments Stock Tumbles On Guidance Miss Discover Profitable Trades Each Day With MarketDiem. See How. Find Winning Stocks With MarketSurge Pattern Recognition & Custom Screens
