Lam Research Corporation (LRCX) has reported a 300.63 percent jump in profit for the quarter ended Mar. 26, 2017. The company has earned $574.71 million, or $3.10 a share in the quarter, compared with $143.45 million, or $0.82 a share for the same period last year. On an adjusted basis, the company has earned $507.75 million, or $2.80 a share for the quarter.
Revenue during the quarter surged 63.92 percent to $2,154 million from $1,314.06 million in the previous year period. Gross margin for the quarter expanded 162 basis points over the previous year period to 45.10 percent. Total expenses were 75 percent of quarterly revenues, down from 85.48 percent for the same period last year. This has led to an improvement of 1048 basis points in operating margin to 25 percent.
Operating income for the quarter was $538.42 million, compared with $190.75 million in the previous year period.
However, the adjusted operating profit for the quarter stood at $578.42 million.
"The company continues to perform extremely well, again setting new records of financial performance with underlying business levels almost 70% higher than the year ago equivalent quarter. This accomplishment is made possible by our broad competitive strength, with products and services increasingly enabling the success of our customers," said Martin Anstice, Lam Research's President and Chief Executive Officer. "Our outlook for the year has improved, and we are increasingly convinced by the potential for sustainable value creation from long-term diverse and secular technology demand trends."
For the fourth-quarter, Lam Research Corp expects revenue to be in the range of $2,200 million to $2,400 million and expects adjusted revenue to be in the range of $2,200 million to $2,400 million. The company expects operating income to grow in the range of 24.30 percent to 26.30 percent and expects adjusted operating income to grow in the range of 26 percent to 28 percent. The company projects diluted earnings per share to be in the range of $2.61 to $2.85. On an adjusted basis, the company projects diluted earnings per share to be in the range of $2.88 to $3.12.
Operating cash flow improves significantly
Lam Research Corp has generated cash of $1,300.01 million from operating activities during the nine month period, up 40.32 percent or $373.56 million, when compared with the last year period.
The company has spent $2,117.72 million cash to meet investing activities during the nine month period as against cash inflow of $70.97 million in the last year period
The company has spent $2,092.58 million cash to carry out financing activities during the nine month period as against cash outgo of $266.14 million in the last year period.
Cash and cash equivalents stood at stood at $2,128.57 million as at Mar. 26, 2017.
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