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Lam Research: Fiscal 3Q Earnings Snapshot

FREMONT, Calif. (AP) _ Lam Research Corp. (LRCX) on Wednesday reported fiscal third-quarter earnings of $547.4 million.

On a per-share basis, the Fremont, California-based company said it had profit of $3.47. Earnings, adjusted for one-time gains and costs, came to $3.70 per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.38 per share.

The semiconductor equipment maker posted revenue of $2.44 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $2.4 billion.

For the current quarter ending in June, Lam Research expects its per-share earnings to range from $3.20 to $3.60. Analysts surveyed by Zacks had forecast adjusted earnings per share of $3.28.

The company said it expects revenue in the range of $2.2 billion to $2.5 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $2.32 billion.

Lam Research shares have increased 44 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 17 percent. In the final minutes of trading on Wednesday, shares hit $195.44, a climb of 5 percent 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