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Lam Research (LRCX) Tops Q3 EPS by 41c, Offers Q4 Guidance

April 17, 2018 4:07 PM EDT

Lam Research (NASDAQ: LRCX) reported Q3 EPS of $4.79, $0.41 better than the analyst estimate of $4.38. Revenue for the quarter came in at $2.89 billion versus the consensus estimate of $2.86 billion.

Sees Q4 revenue of $2.95-$3.25 billion, versus the consensus of $2.93 billion. Sees Q4 non-GAAP EPS of $4.80-$5.20 versus the consensus of $4.67

Outlook

For the June 2018 quarter, Lam is providing the following guidance:

U.S. GAAP Reconciling Items Non-GAAP
Shipments$3.000 Billion+/-$150 Million $3.000 Billion+/-$150 Million
Revenue$3.100 Billion+/-$150 Million $3.100 Billion+/-$150 Million
Gross margin46.8%+/-1% $22 Million 47.5%+/-1%
Operating margin29.7%+/-1% $39 Million 31.0%+/-1%
Net income per diluted share$4.77+/-$0.20 $36 Million $5.00+/-$0.20
Diluted share count179 Million 1 Million 178 Million

The information provided above is only an estimate of what the Company believes is realizable as of the date of this release, and does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, balance sheet valuation adjustments, financing arrangements, other investments, measurement period adjustments associated with U.S. tax reform, or other significant transactions that may be completed after the date of this release. U.S. GAAP to non-GAAP reconciling items provided include only those items that are known and can be estimated as of the date of this release. Actual results will vary from this model and the variations may be material. Reconciling items included above are as follows:

  • Gross margin - amortization related to intangible assets acquired through business combinations, $22 million.
  • Operating margin - amortization related to intangible assets acquired through business combinations, $39 million.
  • Earnings per share - amortization related to intangible assets acquired though business combinations, $39 million; amortization of note discounts, $2 million; and associated tax benefit for non-GAAP items ($5 million); totaling $36 million.
  • Diluted share count - impact of a note hedge issued contemporaneously with the convertible notes due 2018, 1 million shares.

(Street sees Q4 EPS of $4.67 on revenue of $2.93 billion)

For earnings history and earnings-related data on Lam Research (LRCX) click here.



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