Stock Monitor: KLA-Tencor Post Earnings Reporting

LONDON, UK / ACCESSWIRE / May 01, 2018 / Active-Investors.com has just released a free earnings report on Lam Research Corp. (NASDAQ: LRCX). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=LRCX. Lam Research reported its third quarter fiscal 2018 operating and financial results on April 17, 2018. The Company beat top- and bottom-line expectations and provided guidance for the upcoming quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for KLA-Tencor Corporation (NASDAQ: KLAC), which also belongs to the Technology sector as the Company Lam Research. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Lam Research most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=LRCX

Earnings Highlights and Summary

For the for the quarter ended March 25, 2018, Lam Research's revenue was $2.89 billion, up 12% compared to revenue of $2.58 billion in Q2 FY18. The Company's reported numbers beat analysts' estimates of $2.85 billion.

During Q3 FY18, Lam Research's gross margin was $1.33 billion, or 46.0% of revenue, compared to gross margin of $1.21 billion, or 46.7% of revenue, in Q1 2017. The Company's non-GAAP gross margin was $1.35 billion, or 46.8% of revenue, in the reported quarter compared to non-GAAP gross margin of $1.23 billion, or 47.6% of revenue, in the prior year's same quarter.

For Q3 FY18, Lam Research's operating expenses were $503 million, while operating margin was 28.6% of revenue compared to operating expenses of $468 million and operating margin of 28.6% of revenue for Q2 FY18. In the reported quarter, the Company's non-GAAP operating expenses were $486 million, while non-GAAP operating margin was 30.0% of revenue compared to non-GAAP operating expenses of $449 million, non-GAAP operating margin of 30.2% of revenue in the year earlier corresponding quarter,

Lam Research's net income was $779 million, or $4.33 per diluted share on a US GAAP basis, compared to net loss of $10.0 million, or $0.06 per diluted share, for Q2 FY18. The Company's results were negatively impacted by a one-time provisional charge of $757 million associated with the recently enacted US tax reform in Q2 FY18.

For Q3 FY18, Lam Research's non-GAAP net income was $852 million, or $4.79 per diluted share, compared to non-GAAP net income of $788 million, or $4.34 per diluted share, for Q2 FY18. The Company's earnings surpassed Wall Street's estimates of $4.36 per share.

Balance Sheet and Cash Flow Results

As of March 25, 2018, Lam Research's cash and cash equivalents, short-term investments, and restricted cash and investments balances increased to $6.7 billion, as compared to $6.0 billion at the end of Q2 FY18. This increase was primarily the result of approximately $1.1 billion of cash generated from operating activities, partially offset by approximately $80 million of net share settlement on employee stock-based compensation, $80 million of dividends paid to stockholders, $49 million of capital expenditures, and $29 million of net repayments of debt.

Deferred Revenue

For Q3 FY18, Lam Research's deferred revenue and deferred profit remained flat at $1.1 billion and $749 million, respectively, on a q-o-q basis. The Company's deferred revenue balance did not include shipments to customers in Japan, to whom title does not transfer until customer acceptance. The estimated future revenue from shipments to customers in Japan was approximately $526 million as of March 25, 2018, and $289 million as of December 24, 2017.

Outlook

For Q4 FY18, Lam Research is forecasting revenue of approximately $2.95 billion to $3.25 billion. The Company is expecting gross margin in the band of 45.8% to 47.8% and non-GAAP gross margin of 46.5% to 48.5%. Lam Research is estimating GAAP earnings in the range of $4.57 to $4.97 per share and non-GAAP earnings of $4.80 to $5.20 per share for Q2 2018.

Stock Performance Snapshot

April 30, 2018 - At Monday's closing bell, Lam Research's stock fell 1.17%, ending the trading session at $185.06.

Volume traded for the day: 2.97 million shares.

Stock performance in the past twelve-month period ? up 27.76%; and year-to-date ? up 0.54%

After yesterday's close, Lam Research's market cap was at $30.06 billion.

Price to Earnings (P/E) ratio was at 11.24.

The stock has a dividend yield of 1.08%.

The stock is part of the Technology sector, categorized under the Semiconductor Equipment & Materials industry.

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