Lam Research (LRCX)

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LRCX reported revenue of $1.02 billion, up 3% q/q, in line with consensus and at the high end of the guidance of the $970-1.03 billion range. This is the first time the company has posted revenues above the $1 billion figure in its history. Earnings beat by 10 cents a share at 81 cents a share, gross margins came in at the high end of expectations at 45%, improving 50 bps q/q and operating margins increased 200 bps q/q to 16.2%, demonstrating the strong execution throughout the company, richer product mix and cost efficiencies. Operating expenses fell to $292 million, which was better than expected and follows the $297 million level last quarter. The company ended the quarter with $2.6 billion in cash and short-term securities (25% onshore) and bought back $96 million worth of stock on its $250 million repurchase plan.


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