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Lam Research profit misses consensus by 40.8% in fiscal Q1

Lam Research Corp. said its normalized net income for the fiscal first quarter ended Sept. 25 came to $1.05 per share, compared with the S&P Capital IQ consensus estimate of $1.78 per share.

EPS declined year over year from $1.11.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $189.2 million, a decline from $192.7 million in the prior-year period.

The normalized profit margin declined to 11.1% from 12.0% in the year-earlier period.

Total revenue grew on an annual basis to $1.63 billion from $1.60 billion, and total operating expenses rose from the prior-year period to $1.31 billion from $1.26 billion.

Reported net income decreased 8.6% from the prior-year period to $264.6 million, or $1.47 per share, from $289.5 million, or $1.66 per share.