FREMONT, Calif. (AP) _ Lam Research Corp. (LRCX) on Wednesday reported fiscal fourth-quarter earnings of $696.7 million.
On a per-share basis, the Fremont, California-based company said it had profit of $4.73. Earnings, adjusted for one-time gains and costs, were $4.78 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $4.20 per share.
The semiconductor equipment maker posted revenue of $2.79 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $2.73 billion.
For the current quarter ending in October, Lam Research expects its per-share earnings to range from $4.75 to $5.55. Analysts surveyed by Zacks had forecast adjusted earnings per share of $4.21.
The company said it expects revenue in the range of $2.9 billion to $3.3 billion for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $2.65 billion.
Lam Research shares have climbed 23% since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 1%. In the final minutes of trading on Wednesday, shares hit $360.83, a rise of 71% in the last 12 months.