Semiconductor equipment vendor Lam Research (LRCX) late Wednesday topped analyst estimates for the June quarter and guided higher. But LRCX stock fell in extended trading.
The Fremont, Calif.-based company earned an adjusted $8.09 a share on sales of $4.15 billion in its fiscal fourth quarter ended June 27. Wall Street had expected Lam earnings of $7.59 a share on sales of $4.03 billion, according to FactSet. On a year-over-year basis, Lam earnings rose 69% while sales climbed 49%.
“The combination of strong semiconductor demand and rising device complexity is driving higher levels of wafer fabrication equipment investment,” Chief Executive Tim Archer said in a news release. “Our technology differentiation and deep collaboration with customers position Lam to extend our leadership across all market segments.”
For the quarter ending Sept. 26, Lam expects to earn an adjusted $8.10 a share on sales of $4.3 billion. Analysts had been looking for Lam earnings of $7.88 a share on sales of $4.11 billion, FactSet said. In the year-earlier quarter, Lam earned $5.67 a share on sales of $3.18 billion.
LRCX Stock Drops Late
In after-hours trading on the stock market today, LRCX stock fell 3.2%, near 614.70. During the regular session Wednesday, it rose 2% to 635.
LRCX stock ranks No. 11 out of 32 stocks in IBD’s semiconductor equipment industry group. It has an IBD Composite Rating of 94 out of 99. The Composite Rating scores a stock’s key growth metrics against all other stocks regardless of industry group.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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