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Lam Research profit misses consensus by 28.6% in fiscal Q1

Lam Research Corp. said its normalized net income for the fiscal first quarter ended Sept. 24 was $2.34 per share, compared with the S&P Capital IQ consensus estimate of $3.27 per share.

EPS rose 131.9% year over year from $1.01.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $429.9 million, an increase of 136.9% from $181.5 million in the prior-year period.

The normalized profit margin increased to 17.3% from 11.1% in the year-earlier period.

Total revenue grew 51.8% year over year to $2.48 billion from $1.63 billion, and total operating expenses grew 35.6% on an annual basis to $1.78 billion from $1.32 billion.

Reported net income increased 123.1% on an annual basis to $590.3 million, or $3.21 per share, from $264.6 million, or $1.47 per share.