Adjusted gross margin was 45.4%, again near the top end of Lam's target range of 44% to 46%. For the September 2020 quarter, revenue was $3,177 million, gross margin was $1,506 million, or 47.4% of revenue, operating expenses were $545 million, operating income was 30.2% of revenue, and net income was $823 million, or $5.59 per diluted share on a U.S. GAAP basis. Market data powered by FactSet and Web Financial Group. By comparison, most analysts were modeling significantly lower quarterly adjusted earnings of $3.16 per share on revenue closer to $2.2 billion. (LRCX-F), LAM RESEARCH CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share data and percentages)(unaudited), LAM RESEARCH CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands). The Company undertakes no obligation to update the information or statements made in this release. In addition to our $25 million commitment to COVID-19 relief and recovery efforts, many of our employees have been finding ways to help and innovating beyond our products to support today’s crisis. The dividend yield of Lam Research Corp stocks is 1.27%. These uncertainties and changes could materially affect the forward-looking statements and cause actual results to vary from expectations in a material way. See how our employees are showcasing their #LamCares sp, corporate commitment to COVID-19 global relief and recovery, COVID-19: Lam Commits $25M to Global Relief and Recovery Efforts, Lam Continues to Support Communities Affected by COVID-19 Around the World. (1) Derived from audited financial statements. And after adjusting the bottom line for items like restructuring and acquisition expenses, adjusted (non-GAAP) net income arrived at $480 million, or $3.18 per share -- down from $3.62 per share a year ago, but also near the high end of guidance for a per-share range of $2.80 to $3.20. "Lam delivered solid results in the ... quarter, highlighted by strong profitability," stated Lam Research CEO Tim Archer. Net income per diluted share - amortization related to intangible assets acquired though business combinations, $14 million; amortization of note discounts, $1 million; and associated tax benefit for non-GAAP items ($2 million); totaling $13 million. Lam Research goes deeper than software or chips to the heart of the process that enables chip creation. Let's conquer your financial goals together...faster. Lam Research is a market leader where our core values are not just words on the back of your badge. Enjoy his work? Caution Regarding Forward-Looking StatementsStatements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. The market was equally pleased with Lam Research's forward outlook, which calls for revenue in the current quarter (ending December 2019) of $2.35 billion to $2.65 billion, with adjusted gross margin of 44% to 46%, and adjusted net income per share of $3.60 to $3.80. Lam Research 8 years 5 months President and CEO Lam Research Dec 2018 - Present 1 year 11 months. Cash and cash equivalents, short-term investments, and restricted cash and investments balances decreased slightly to $6.9 billion at the end of the September 2020 quarter compared to $7.0 billion at the end of the June 2020 quarter. The Company’s non-GAAP results for both the September 2020 and June 2020 quarters exclude amortization related to intangible assets acquired through business combinations, the effects of elective deferred compensation-related assets and liabilities, amortization of note discounts, and income tax expense (benefit) of non-GAAP items. Operating income as a percentage of revenue - amortization related to intangible assets acquired through business combinations, $14 million. The Company's non-GAAP results for both the September 2020 and June 2020 … “Our strong operational execution is enabling the Company to meet our customers' critical needs, providing a solid foundation to deliver on our long-term growth objectives.”. U.S. GAAP gross margin of 47.4%, U.S. GAAP operating income as a percentage of revenue of 30.2%, and U.S. GAAP diluted EPS of $5.59. Cumulative Growth of a $10,000 Investment in Stock Advisor, Is Lam Research a Buy After Giving Up Its Post-Earnings Pop? As a technology and consumer goods specialist for the Fool, Steve looks for responsible businesses that positively shape our lives. Learn more at www.lamresearch.com. Company Participants. Lam Research Corp has a market cap of $54.25 billion; its shares were traded at around $373.88 with a P/E ratio of 24.70 and P/S ratio of 5.55. Tina Correia - … Though Lam's revenue and earnings declined on a year-over-year basis given continued industry headwinds constraining growth, the rates of those declines were less pronounced than most investors had anticipated, leaving shares to rally nearly 14% last Thursday in response. The geographic distribution of revenue during the September 2020 quarter is shown in the following table: The following table presents revenue disaggregated between system and customer support-related revenue: System revenue includes sales of new leading-edge equipment in deposition, etch and clean markets. © 2020 GlobeNewswire, Inc. All Rights Reserved. 3 Top Buys for October, Why I Bought These 2 Tech Stocks Hand-Over-Fist in September, Why Lam Research Stock Fell 10.8% in August, 3 Top Artificial Intelligence Stocks to Buy in September, Copyright, Trademark and Patent Information. In fact, today, nearly every advanced chip is built with Lam technology. Learn more about our corporate commitment to COVID-19 global relief and recovery efforts in these articles: COVID-19: Lam Commits $25M to Global Relief and Recovery Efforts ; Lam Continues to Support Communities Affected by COVID-19 Around the World Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. Then he invests accordingly. Lam further generated $464 million in operating cash flow, more than offsetting the cost of dividends, share repurchases, stock-based compensation, capital expenditures, and debt reductions -- and lifting cash, cash equivalents, and short-term investments by $100 million sequentially to $5.8 billion in the process. Tables presenting reconciliations of non-GAAP results to U.S. GAAP results are included at the end of this press release and on the Company’s website at http://investor.lamresearch.com. When Lam Research (NASDAQ:LRCX) announced fiscal first-quarter 2020 results a week ago, it was evident that the market was pleased with what the semiconductor-processing solutions specialist had to say. (2) Common shares issued and outstanding were 144,593 as of September 27,2020, 145,331 as of June 28, 2020, and 144,871 as of September 29,2019. Data source: Lam Research. For perspective, revenue was slightly above the midpoint of Lam's guidance provided in early August for a range of $2.0 billion to $2.3 billion. Given the criticality of this role to Lam Research's success, this philosophy starts with you. Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. There are 171 trademarks either applied for or owned by companies that go by the name of Lam Research Corporation. Lam's geographic results provide additional perspective on the sources of both its headwinds and its relative strength: Roughly 27% of total sales came from China (down from 33% last quarter), 21% came from Korea (down from 25% before), Taiwan represented 18% (up from 14% previously), Japan was 13% (up from 9% last quarter), Southeast Asia was 10% (doubling from 5% last quarter), the U.S. was 8% (down from 11%), and Europe remained steady at 3% of total sales. But the stock has all but given up those gains in the days since, leaving us to wonder: Is Lam Research a buy now? For the quarter ended December 27, 2020, Lam is providing the following guidance: The information provided above is only an estimate of what the Company believes is realizable as of the date of this release and does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, restructuring, balance sheet valuation adjustments, financing arrangements, other investments, or other significant arrangements that may be completed after the date of this release. This compares to revenue of $2,792 million, gross margin of $1,280 million, or 45.9% of revenue, operating expenses of $525 million, operating income of 27.1% of revenue, and net income of $697 million, or $4.73 per diluted share, for the quarter ended June 28, 2020 (the “June 2020 quarter”). Returns as of 11/04/2020. Learn more about our corporate commitment to COVID-19 global relief and recovery efforts in these articles: commitment to COVID-19 relief and recovery efforts, support today’s crisis. Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. This decrease was primarily the result of $448.6 million of share repurchases, including net share settlement on employee stock-based compensation; $167.1 million of dividends paid to stockholders; and $62.8 million of capital expenditures, partially offset by $642.5 million of cash generated from operating activities. Assuming Lam can sustain its strength as it waits for headwinds to abate, I think now could be a great time to open or add to a position. Meanwhile, deferred revenue rose to $481 million, up from $449 million three months ago, and Lam's deferred profit climbed $26 million sequentially from last quarter to $407 million. Non-GAAP gross margin of 47.5%, non-GAAP operating income as a percentage of revenue of 31.1%, and non-GAAP diluted EPS of $5.67. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. FREMONT, Calif., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended September 27, 2020 (the “September 2020 quarter”). Actual results will vary from this model and the variations may be material. See you at the top! Operating income as percentage of revenue, Customer support-related revenue and other, Operating income as a percentage of revenue. Lam Research Corporation (the 'Company,' 'Lam,' ' Lam Research ') today announced financial results for the quarter ended September 27, 2020 (the ' September 2020 quarter').. Use of Non-GAAP Financial Results. *For the quarter ended Sept. 29, 2019. The trademarks on file for companies that go by the name of Lam Given the criticality of this role to Lam Research's success, this philosophy starts with you. Connect with him on Twitter & Facebook so you don't miss a thing. Additionally, the June 2020 quarter non-GAAP results exclude an adjustment to the previously recognized cumulative income tax benefit reversal associated with the Ninth Circuit decision to deny a rehearing of the Altera stock-based compensation case.
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