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Lam Research: Fiscal 2Q Earnings Snapshot

FREMONT, Calif. (AP) _ Lam Research Corp. (LRCX) on Wednesday reported fiscal second-quarter profit of $514.5 million.

On a per-share basis, the Fremont, California-based company said it had profit of $3.43. Earnings, adjusted for pretax expenses and amortization costs, were $4.01 per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.81 per share.

The semiconductor equipment maker posted revenue of $2.58 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $2.5 billion.

For the current quarter ending in April, Lam Research expects its per-share earnings to range from $4.15 to $4.95. Analysts surveyed by Zacks had forecast adjusted earnings per share of $4.04.

The company said it expects revenue in the range of $2.6 billion to $3 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $2.56 billion.

Lam Research shares have increased 2% since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 1%. In the final minutes of trading on Wednesday, shares hit $298.22, a rise of 81% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LRCX at https://www.zacks.com/ap/LRCX