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Lam Research profit misses consensus by 38.2% in fiscal Q3

Lam Research Corp. said its normalized net income for the fiscal third quarter ended March 29 amounted to 80 cents per share, compared with the S&P Capital IQ consensus estimate of $1.30 per share.

EPS climbed 17.2% year over year from 68 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $142.5 million, an increase of 21.3% from $117.6 million in the year-earlier period.

The normalized profit margin climbed to 10.3% from 9.6% in the year-earlier period.

Total revenue climbed 13.5% year over year to $1.39 billion from $1.23 billion, and total operating expenses increased 12.1% year over year to $1.15 billion from $1.03 billion.

Reported net income rose 25.0% year over year to $205.9 million, or $1.16 per share, from $164.8 million, or 96 cents per share.