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Lam Research profit misses consensus by 43.1% in fiscal Q2

Lam Research Corp. said its normalized net income for the fiscal second quarter ended Dec. 27, 2015, amounted to 81 cents per share, compared with the S&P Capital IQ consensus estimate of $1.42 per share.

EPS increased 28.3% year over year from 63 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $141.2 million, a gain of 26.2% from $111.8 million in the year-earlier period.

The normalized profit margin increased to 9.2% from 9.1% in the year-earlier period.

Total revenue climbed 15.7% year over year to $1.43 billion from $1.23 billion, and total operating expenses rose 12.1% year over year to $1.17 billion from $1.04 billion.

Reported net income rose 26.0% year over year to $223.0 million, or $1.28 per share, from $177.0 million, or $1 per share.