Lam Research Corpora
LRCX
Delayed Nasdaq - 08/23 07:17:00 pm
161.135USD
-1.63%

Earnings Review and Free Research Report: Lam Research’s Revenue Soared 51%; EPS Rocketed 93%

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08/07/2017 | 01:01 pm

Research Desk Line-up: KLA-Tencor Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 7, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Lam Research Corp. (NASDAQ: LRCX), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=LRCX, following the Company's reporting of its fourth quarter and fiscal 2017 results on July 26, 2017. The Company delivered another record quarter for shipments, revenue, and non-GAAP operating income, capping a record fiscal 2017 highlighted by over eight and a half billion dollars in shipments and approximately $10 in non-GAAP diluted earnings per share. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Semiconductor Equipment & Materials industry. Pro-TD has currently selected KLA-Tencor Corporation (NASDAQ: KLAC) for due-diligence and potential coverage as the Company announced on July 27, 2017, its operating results for Q4 and fiscal year which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on KLA-Tencor when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on LRCX; also brushing on KLAC. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

For Q4 FY17, Lam Research's revenues were at a record level of $2.34 billion, up 51% compared to revenue of $1.55 billion in Q4 FY16. Lam Research's revenue numbers exceeded analysts' expectations of $2.31 billion. For FY17, the Company's the revenues came in at $8.01 billion, reflecting an increase of 36% compared to revenue of $5.89 billion in FY16. Lam Research's installed base business contributed approximately 25% of its revenue in fiscal year 2017.

Lam Research's GAAP gross margin was $1.07 billion, or 45.6% of revenue, for Q4 FY17 compared to gross margin of $698.78 million, or 45.2% of revenue, for Q4 FY16. The Company's non-GAAP gross margin was $1.09 billion, or 46.5% of revenue, compared to $874.17 million, or 46.4% of revenue in the prior year's same quarter.

For Q4 FY17, Lam Research's operating expenses were $461.02 million and operating margin was 25.9% of revenue compared to operating expenses of $389.54 million and operating margin of 20.0% of revenue for Q4 FY16. The Company's non-GAAP operating expenses were $440 million and non-GAAP operating margin was 27.7% of revenue for the reported quarter compared to operating expenses of $384.24 million and operating margin which was 26.0% of revenue in the year earlier corresponding quarter.

Lam Research reported net income of $526.42 million, or $2.82 per diluted share, on a GAAP basis compared to net income of $258.94 million, or $1.46 per diluted share, for Q4 FY16. The Company's non-GAAP net income totaled $566.52 million, or $3.11 per diluted share, up 84.1% on a y-o-y basis and topping Wall Street's estimates of $3.02 per share.

Order Details

Lam Research's upward trajectory in shipments continued in Q4 FY17, coming in at $2.54 billion, up 5% sequentially and above the midpoint of its guided range. The Company's shipments for FY17 were $8.59 billion, surging by 46% compared to FY16. Lam Research's memory shipments remained strong with the combined memory segment making up 73% of total system shipments in the reported quarter. The Company's nonvolatile memory accounted for 59% of the shipments, which was up from 50% in the previous quarter. Lam Research's DRAM shipments represented 14% of system shipments, which was down from 23% in the prior quarter.

During Q4 FY17, Lam Research's shipments to its foundry customers were 22% of system shipments, which was slightly down compared to 24% in Q3 FY17. The Company's Logic and Other segment accounted for 5% of system shipments, versus 3% in the previous quarter.

Cash Matters

Lam Research's cash and cash equivalents, short-term investments, and restricted cash and investments balances increased to $6.3 billion at the end of Q4 FY17 compared to $6.1 billion at the end of Q3 FY17. This increase was primarily the result of approximately $729 million of cash generated in operating activities, and was partially offset by $526 million of share repurchases, including net share settlement on employee stock-based compensation.

At the end of Q4 FY17, Lam Research's deferred revenue grew to $966 million compared to $842 million at the end of Q3 FY17. The Company's deferred profit at the end of the reported quarter increased to $608 million compared to $527 million at the end of the prior year's same quarter. Lam's deferred revenue balance does not include shipments to Japanese customers, to whom title does not transfer until customer acceptance. The estimated future revenue from shipments to Japanese customers was approximately $397 million as of June 25, 2017, and $260 million as of March 26, 2017.

Stock Performance

On Friday, August 04, 2017, the stock closed the trading session at $150.05, marginally up 0.77% from its previous closing price of $148.90. A total volume of 2.15 million shares have exchanged hands. Lam Research's stock price skyrocketed 4.28% in the last one month, 27.54% in the past six months, and 63.22% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 41.92%. The stock is trading at a PE ratio of 16.30 and has a dividend yield of 1.20%. The stock currently has a market cap of $24.02 billion.

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