Wed, Oct. 21, 5:52 AM
Tue, Oct. 20, 5:35 PM| Tue, Oct. 20, 5:35 PM | 7 Comments
Wed, Jul. 29, 6:19 PM
- In addition to beating FQ4 estimates, Lam Research (NASDAQ:LRCX) is guiding for FQ1 revenue of $1.6B (+/- $75M) and EPS of $1.70 (+/- $0.10), above a consensus of $1.41B and $1.38.
- Financials: GAAP gross margin was 43.3% vs. 43.1% in FQ3 and 44.6% a year ago; non-GAAP GM was also 45.5%. Excluding a $79.4M goodwill impairment charge, operating expenses rose 9% Y/Y to $371M. $74.3M was spent on buybacks. Lam ended FQ4 with $4.2B in cash/investments, and $2.4B in debt/capital leases.
- LRCX +1.7% AH to $79.00.
- FQ4 results, PR
Wed, Jul. 29, 4:09 PM
Tue, Jul. 14, 6:27 PM
- At an investor meeting held at the chip industry's annual Semicon West conference, Lam Research (NASDAQ:LRCX) provided calendar 2015/2016 revenue and EPS target ranges of $5.8B-$6.3B and $6.00-$6.75. The FY16 (ends June '16) consensus is at $5.73B and $5.78.
- 2017 revenue/EPS target ranges are at $6.5B-$7B and $7.00-$7.75. For 2018, they're at $7B-$7.5B and $8.00-$8.75.
- As expected, Lam continues to argue its strong exposure to chip manufacturing tech "inflections" (e.g. 3D NAND, FinFET logic ICs, DRAM multi-patterning, next-gen chip packaging) will allow it to outgrow the industry: The company forecasts a ~32% share of wafer fab equipment (WFE) spend in 2018, up from 29% in 2015 and 26.5% in 2013.
- Lam estimates it had a high-30s 2014 share of the deposition equipment market, a low-mid 50s share of the etch equipment market, and a high-teens share of the clean equipment market. Deposition and etch share gains were recorded last year.
- Shares rose 0.7% in regular trading, matching the Nasdaq's gain.
- Investor meeting slides (.pdf)
- Earlier: Applied Materials' FY18 forecasts
Mon, Apr. 20, 4:52 PM
- In addition to beating FQ3 estimates, Lam Research (NASDAQ:LRCX) is guiding for FQ4 revenue of $1.46B (+/- $50M) and EPS of $1.46 (+- $0.07), above a consensus of $1.39B and $1.35.
- Shipments are expected to rise to $1.6B (+/- $50M) from FQ3's $1.497B (+20% Q/Q and topping a guidance midpoint of $1.45B). CEO Martin Anstice sings a well-known refrain. "Our differentiated products and services are directly addressing the market driving technology inflections of multi-patterning, 3D device architecture and advanced packaging."
- The deferred revenue balance rose 30% Q/Q to $485.2M. Gross margin (non-GAAP) fell 70 bps Q/Q and 80 bps Y/Y to 44.7%. Operating expenses rose 11% Y/Y to $355M. $124.9M was spent on buybacks.
- Shares have risen to $77.52 AH; the all-time high is $85.70. Goldman's table-pounding was well-timed.
- Peers are getting a lift: Applied Materials (NASDAQ:AMAT) is up 1.6% AH to $22.11, and KLA-Tencor (NASDAQ:KLAC) is up 1.1% to $59.20. KLA reports on Thursday.
- FQ3 results, PR
Mon, Apr. 20, 4:08 PM
Sun, Apr. 19, 5:35 PM
Wed, Jan. 28, 4:11 PM
Tue, Jan. 27, 5:35 PM| Tue, Jan. 27, 5:35 PM | 4 Comments
Oct. 22, 2014, 5:04 PM
- Though it beat FQ1 EPS estimates and posted in-line revenue, Lam Research (NASDAQ:LRCX) is guiding for FQ2 revenue of $1.23B (+/- $50M) and EPS of $1.12 (+/- $0.07), unfavorable to a consensus of $1.25B and $1.16. Shipments are expected to total $1.24B (+/- $50M).
- Gross margin rose 140 bps Y/Y in FQ1 to 43.9%, and op. margin 420 bps to 14.6%. A GM of 45.5% (+/- 1%) is expected in seasonally strong FQ2.
- Shipment growth by geography: U.S. (inc. Intel) +25%, Korea (inc. Samsung/SK Hynix) +16%, Taiwan (inc. TSMC) +21%, Japan +11%, China +8%, SE Asia +11%, Europe +8%.
- FQ1 results, PR
Oct. 22, 2014, 4:14 PM
Oct. 21, 2014, 5:35 PM
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Jul. 31, 2014, 10:55 AM
- Like peer KLA-Tencor, Lam Research (LRCX +4.2%) provided a soft Sep. quarter outlook: It expects FQ1 revenue of $1.11B (+/- $50M) and EPS of $0.92 (+/- $0.07) vs. a consensus. of $1.15B and $1.00.
- But Lam also used its CC (transcript) to reiterate guidance for $32B in 2014 industry wafer fab equipment (WFE) spend, and for the company to outpace industry growth.
- It added foundry spend (30% of FQ4 shipments) is expected to strengthen thanks to FinFET (3D transistor) process investments, and that DRAM spend (39% of shipments) is benefiting from tight supplies. Lam also sees a healthy supply/demand balance for NAND flash, though it's a little cautious about near-term 3D NAND flash investments.
- Lam sees the share of WFE spending addressed by its products growing to 1/3 of WFE spend next year thanks to "technology inflections" (FinFET, 3D NAND, etc), and thinks its "technology inflections applications market share is in excess of 50% across [Lam's] portfolio of deposition edge and clean products."
- David Einhorn must be pleased with today's move.
- FQ4 results, PR
Jul. 30, 2014, 4:14 PM
Jul. 8, 2014, 1:24 PM
- Lam Research (LRCX +2.7%) guides during its 2014 analyst day (webcast) for $1B in 2014 operating cash flow, and for 2H14 revenue growth to be on par with 1H growth. The company also expresses confidence its recent share gains will continue.
- Shares are making fresh 52-week highs on an ugly day for tech. They soared in April following an FQ3 beat and bullish CC commentary, and rose two weeks ago following a Cowen PT hike.
- Lam's outlook comes as the chip equipment industry's Semicon West conference gets underway. Industry commentary has been largely (but not uniformly) bullish going in.
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