Semiconductor equipment maker Lam Research late Wednesday beat Wall Street's targets for its fiscal second quarter and guided higher than views for the current period. LRCX stock rose in extended trading.
The Fremont, Calif.-based company earned an adjusted $7.52 a share on sales of $3.76 billion in the quarter ended Dec. 24. Analysts polled by FactSet had expected Lam earnings of $7.12 a share on sales of $3.72 billion. However, on a year-over-year basis, Lam earnings dropped 30% and sales slid 29%.
For the current quarter ending March 31, Lam forecast adjusted earnings of $7.25 a share on sales of $3.7 billion. Analysts were looking for earnings of $6.63 a share on sales of $3.68 billion in the fiscal third quarter. In the year-earlier period, Lam earned an adjusted $6.99 a share on sales of $3.87 billion.
"Lam delivered solid results to close out 2023," Chief Executive Tim Archer said in a news release.
He added, "With our investments in extending product differentiation and building a flexible and efficient global infrastructure, we are in a strong position to benefit as innovations such as AI power robust semiconductor industry growth in the years to come."
LRCX Stock Rises After Report
In after-hours trading on the stock market today, LRCX stock climbed 1% to 857.
During the regular session Wednesday, LRCX stock rose 2.1% to close at 848.16. Earlier in the session, it hit an all-time high of 858.34.
Lam Research ranks 10th out of 27 stocks in IBD's semiconductor equipment industry group, according to IBD Stock Checkup. LRCX stock has an IBD Composite Rating of 90 out of 99.
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