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Lam Research profit misses consensus by 30.0% in fiscal Q3

Lam Research Corp. said its normalized net income for the fiscal third quarter ended March 26 was $1.79 per share, compared with the S&P Capital IQ consensus estimate of $2.56 per share.

EPS rose 210.6% year over year from 58 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $331.6 million, a gain of 229.7% from $100.6 million in the prior-year period.

The normalized profit margin increased to 15.4% from 7.7% in the year-earlier period.

Total revenue climbed 63.9% on an annual basis to $2.15 billion from $1.31 billion, and total operating expenses climbed 43.8% year over year to $1.62 billion from $1.12 billion.

Reported net income increased 301.3% from the prior-year period to $573.8 million, or $3.10 per share, from $143.0 million, or 82 cents per share.