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Lam Research posts higher annual profits on robust revenue, shipments

Lam Research Corp. posted net income of $1.02 billion for its fourth fiscal quarter ending June 24, up from $526.4 million in the same quarter last year.

The semiconductor processing systems manufacturer reported revenue of $3.13 billion in the quarter, up from $2.35 billion in the prior-year period. The cost of goods sold came in at $1.65 billion, up from $1.28 billion a year ago.

Operating income rose to $955.2 million from $608.0 million; operating expenses came in at $524.2 million from $461.0 million.

Diluted EPS was $5.82 in the fourth quarter, up from $2.82 last year and topping the S&P Capital IQ consensus EPS estimate of $4.79 on a GAAP basis.

The company's net income for the 12-month period ending June 24 climbed to $2.38 billion, from $1.70 billion posted in the same period last year.