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Lam Research profit misses consensus by 34.0% in fiscal Q2

Lam Research Corp. said its normalized net income for the fiscal second quarter ended Dec. 25, 2016, was $1.45 per share, compared with the S&P Capital IQ consensus estimate of $2.19 per share.

EPS rose 93.2% year over year from 75 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $265.7 million, an increase of 103.5% from $130.6 million in the year-earlier period.

The normalized profit margin rose to 14.1% from 9.2% in the year-earlier period.

Total revenue climbed 32.0% year over year to $1.88 billion from $1.43 billion, and total operating expenses grew 21.2% on an annual basis to $1.44 billion from $1.19 billion.

Reported net income grew 49.0% on an annual basis to $332.2 million, or $1.81 per share, from $223.0 million, or $1.28 per share.