FREMONT, Calif., June 28, 2019 – Shares of Lam Research Corporation (NASDAQ: LRCX) showed the bullish trend with a higher momentum of 0.83% to $187.67. The company traded total volume of 833.673K shares as contrast to its average volume of 1.90M shares. The company has a market value of $28.05B and about 150.69M shares outstanding.
Lam Research Corp. (LRCX) reported fiscal third-quarter earnings of $547.40M.
U.S. GAAP Financial Results:
For the March 2019 quarter, revenue was $2,439.0M, gross margin was $1,074.0M, or 44.0% of revenue, operating expenses was $509.0M, operating income was 23.2% of revenue, and net income was $547.0M, or $3.47 per diluted share on a U.S. GAAP basis. This compares to revenue of $2,523.0M, gross margin of $1,145.0M, or 45.4% of revenue, operating expenses of $455.0M, operating income of 27.4% of revenue, and net income of $569.0M, or $3.51 per diluted share, for the quarter ended December 23, 2018 (the “December 2018 quarter”). The March 2019 quarter included 14 weeks; the December 2018 quarter included 13 weeks.
Non-GAAP Financial Results:
For the March 2019 quarter, non-GAAP gross margin was $1,100.0M or 45.1% of revenue, non-GAAP operating expenses was $488.0M, non-GAAP operating income was 25.1% of revenue, and non-GAAP net income was $584.0M, or $3.70 per diluted share. This compares to non-GAAP gross margin of $1,167.0M or 46.3% of revenue, non-GAAP operating expenses of $440.0M, non-GAAP operating income of 28.8% of revenue, and non-GAAP net income of $628.0M, or $3.87 per diluted share for the December 2018 quarter.
Balance Sheet and Cash Flow Results:
Cash and cash equivalents, short-term investments, and restricted cash and investments balances increased to $6.40B at the end of the March 2019 quarter as contrast to $3.90B at the end of the December 2018 quarter. This increase was mainly the result of about $2.50B of proceeds from issuance of senior notes during the March 2019 quarter.
Deferred revenue and deferred profit at the end of the March 2019 quarter reduced to $441.0M and $378.0M, respectively, as contrast to $493.0M and $432.0M, respectively, at the end of the December 2018 quarter. Lam’s deferred revenue balance does not include shipments to customers in Japan, to whom title does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of acceptance. The estimated future revenue from shipments to customers in Japan was about $80.0M as of March 31, 2019 and $262.0M as of December 23, 2018.
The Company offered net profit margin of 25.60% while its gross profit margin was 45.70%. ROE was recorded as 46.70% while beta factor was 1.57. The stock, as of recent close, has shown the weekly upbeat performance of 1.18% which was maintained at 36.69% in this year.