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Lam Research profit misses consensus by 43.4% in fiscal Q2

Lam Research Corp. said its normalized net income for the fiscal second quarter ended Dec. 28, 2014, came to 64 cents per share, compared with the S&P Capital IQ consensus estimate of $1.13 per share.

EPS rose 12.8% year over year from 57 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $113.1 million, a gain of 16.3% from $97.3 million in the year-earlier period.

The normalized profit margin climbed to 9.1% from 8.7% in the year-earlier period.

Total revenue climbed 10.4% year over year to $1.23 billion from $1.12 billion, and total operating expenses climbed 9.4% on an annual basis to $1.04 billion from $951.6 million.

Reported net income rose 18.5% year over year to $177.0 million, or $1 per share, from $149.4 million, or 87 cents per share.