Lam Research (LRCX) Tops Q2 EPS by 31c, Revenues Beat; Offers 3Q EPS/Revenue Guidance Above Consensus
Lam Research (NASDAQ: LRCX) reported Q2 EPS of $6.03, $0.31 better than the analyst estimate of $5.72. Revenue for the quarter came in at $3.46 billion versus the consensus estimate of $3.34 billion.
Highlights for the December 2020 quarter were as follows:
- Revenue of $3.46 billion.
- U.S. GAAP gross margin of 46.4%, U.S. GAAP operating income as a percentage of revenue of 29.2%, and U.S. GAAP diluted EPS of $5.96.
- Non-GAAP gross margin of 46.6%, non-GAAP operating income as a percentage of revenue of 30.3%, and non-GAAP diluted EPS of $6.03.
“Lam’s December quarter closed out the most successful year in our 40-year history,” said Tim Archer, Lam Research’s President and Chief Executive Officer. “In calendar 2020, our global teams displayed resiliency amid the pandemic, leading the company to set new financial records and deliver ground-breaking new products that enable key technology advances. With strong secular demand for semiconductors driving increased wafer fabrication equipment spending, Lam enters 2021 with solid momentum for continued growth and expanded leadership across our markets.”
GUIDANCE:
Lam Research sees Q3 2021 EPS of $6.15-$6.95, versus the consensus of $5.72. Lam Research sees Q3 2021 revenue of $3.5-3.9 billion, versus the consensus of $3.31 billion.
Reconciling items included above are as follows:
- Gross margin as a percentage of revenue - amortization related to intangible assets acquired through business combinations, $1 million.
- Operating income as a percentage of revenue - amortization related to intangible assets acquired through business combinations, $13 million.
- Net income per diluted share - amortization related to intangible assets acquired though business combinations, $13 million; amortization of note discounts, $1 million; and associated tax benefit for non-GAAP items ($2 million); totaling $12 million.
For earnings history and earnings-related data on Lam Research (LRCX) click here.