Research Desk Line-up: Park Electrochemical Post Earnings Coverage

LONDON, UK / ACCESSWIRE / October 19, 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 release of its first quarter fiscal 2018 operating results on October 17, 2017. The semiconductor equipment maker posted record revenues and non-GAAP income for the reported quarter. The Company expects calendar year shipments to grow nearly double the rate of 2017 industry growth. 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 Park Electrochemical Corp. (NYSE: PKE) for due-diligence and potential coverage as the Company reported on October 03, 2017, its financial results for Q2 FY18 which ended on August 27, 2017. Register for a free membership today, and be among the early birds that get access to our report on Park Electrochemical 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 PKE. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=LRCX

http://protraderdaily.com/optin/?symbol=PKE

Earnings Reviewed

For the quarter ended September 24, 2017, Lam Research's revenues totaled $2.48 billion, up 51.8% compared to $1.63 billion in Q1 FY17. The Company's revenue topped analysts' expectations of $2.46 billion.

During Q1 FY18, Lam Research's gross margin was $1.15 billion, or 46.4% of revenue, compared to gross margin of $716.20 million, or 43.9% of revenue, in Q1 FY17. The Company's non-GAAP gross margin was $1.17 billion, or 47.2% of revenue, for the reported quarter.

For Q1 FY18, Lam Research's operating expenses were $456.12 million and operating margin was 28.0% of revenue, compared to operating expenses of $400.25 million and operating margin of 19.4% of revenue in Q1 FY17.

Lam Research reported net income of $590.69 million, or $3.21 per diluted share, on a US GAAP basis for Q1 FY18 compared to net income of $263.84 million, or $1.47 per diluted share, for Q1 FY17. The Company's non-GAAP net income was $628 million, or $3.46 per diluted share, for the reported quarter. Lam Research's earnings beat Wall Street's estimates of $3.27 per share.

Balance Sheet and Cash Flow

Lam Research's cash and cash equivalents, short-term investments, and restricted cash and investments balances increased slightly to $6.4 billion as of September 24, 2017, compared to $6.3 billion as of June 25, 2017. The Company's cash flows from operating activities of $858 million during the reported quarter were primarily utilized for approximately $155 million of share repurchases, including net share settlement on employee stock-based compensations; approximately $302 million of principal payments on debt, primarily related to Lam Research's convertible notes; approximately $73 million of dividends paid to stockholders; approximately $60 million of capital expenditure; and approximately $116 million related to a business acquisition.

Lam Research's deferred revenue dropped to $938 million at the end of Q1 FY18 compared to $966 million at the end of Q4 FY17. The Company's deferred profit decreased to $598 million at the end of the reported quarter compared to $608 million at the end of the previous quarter. Lam Research noted that its deferred revenue balance did not include shipments to Japanese customers, to whom title does not transfer until customer acceptance. Shipments to Japanese customers are classified as inventory at cost until the time of acceptance. The Company's estimated future revenues from shipments to Japanese customers were approximately $344 million as of September 24, 2017, and $397 million as of June 25, 2017.

Outlook

For Q2 FY18, Lam Research is forecasting revenue in the range of $2.45 billion to $2.55 billion, and shipments in the band of $2.50 billion to $2.70 billion. For the upcoming quarter, the Company is estimating earnings in the range of $3.53 to $3.77 per share.

Stock Performance

On Wednesday, October 18, 2017, the stock closed the trading session at $200.49, rising 3.05% from its previous closing price of $194.55. A total volume of 5.40 million shares have exchanged hands, which was higher than the 3-month average volume of 2.19 million shares. Lam Research's stock price skyrocketed 21.66% in the last three months, 43.86% in the past six months, and 101.56% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 89.62%. The stock is trading at a PE ratio of 21.77 and has a dividend yield of 0.90%. At Wednesday's closing price, the stock's net capitalization stands at $32.52 billion.

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SOURCE: Pro-Trader Daily