Lam Research says 3Q profit nearly doubles

Lam Research reports 3rd-quarter profit nearly doubles, beating analyst expectations of a loss

• On 5:30 pm EDT, Wednesday October 21, 2009

FREMONT, Calif. (AP) -- Lam Research Corp., which makes equipment for the semiconductor industry, said Wednesday its third-quarter profit nearly doubled as it slashed costs and boosted margins, blowing past Wall Street expectations of a loss.

Profit for the three months ended Sept. 27 rose to $16.8 million, or 13 cents per share, from $8.9 million, or 7 per share, in the same quarter last year.

Excluding restructuring costs, the company said it earned 3 cents per share. Revenue tumbled 27.6 percent to $318.5 million.

Analysts surveyed by Thomson Reuters expected a loss of 8 cents per share on $294.6 million in sales, on average. Analyst estimates typically exclude one-time items like restructuring costs.

"Lam Research had strong shipments and revenue performance in the September quarter, allowing the company to return to profitability and generate positive cash flow once again," President and CEO Steve Newberry said in a statement.

Shares fell 12 cents to $35.73 in after-hours trading. The stock fell $1.15, or 3.1 percent, to $35.85 during regular trading.