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Lam Research profit misses consensus by 41.1% in fiscal Q1

Lam Research Corp. said its normalized net income for the fiscal first quarter ended Sept. 28 came to 55 cents per share, compared with the S&P Capital IQ consensus estimate of 93 cents per share.

EPS rose 53.1% year over year from 36 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $97.1 million, a gain of 58.3% from $61.3 million in the prior-year period.

The normalized profit margin increased to 8.8% from 6.0% in the year-earlier period.

Total revenue climbed 13.5% on an annual basis to $1.15 billion from $1.02 billion, and total operating expenses increased 9.0% on an annual basis to $984.1 million from $902.6 million.

Reported net income increased 65.4% on an annual basis to $141.7 million, or 80 cents per share, from $85.7 million, or 50 cents per share.