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Lam Research earnings top Street view, but outlook virtually in line with consensus

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Midpoint of Lam earnings outlook is $6.78, while Street expects $6.77

Lam Research Corp. shares slipped in the extended session Wednesday even after the wafer-fab-equipment market’s results topped Wall Street expectations but its earnings forecast midpoint was a penny more than the consensus estimate.

The company reported fiscal first-quarter net income of $887.4 million, or $6.66 a share, down from $1.43 billion, or $10.39 a share, in the year-ago period. Adjusted earnings fell to $6.85 a share from $10.42 in the year-ago period. The company said it expects fiscal second-quarter earnings of $6.03 to $7.53 a share on revenue of $3.4 billion to $4 billion.

“Lam continues to deliver strong results despite a cyclically soft year for wafer fabrication equipment spending,” said Tim Archer, Lam Research’ chief executive, in a statement. “There are tremendous growth vectors ahead for Lam, and we are investing strategically to drive long-term outperformance.”

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