Lam Research moves to fiscal 2nd-quarter profit as revenue surges

Lam Research moves to 2Q profit, sales soar

FREMONT, Calif. — Lam Research Corp., which makes equipment for the semiconductor industry, said Wednesday it moved to a fiscal second-quarter profit as shipments and revenue improved.

For the three months ended Dec. 27, the company earned $69.6 million, or 54 cents per share, up from a loss of $24.2 million, or 19 cents per share, in the same period a year earlier.

Adjusted earnings were 47 cents per share in the latest quarter.

Revenue surged 72 percent to $487.2 million from $283.4 million.

Analysts, on average, projected profit of 40 cents per share on sales of $453.6 million, according to a poll by Thomson Reuters.

The company’s operating expenses declined 5 percent during the quarter to $131.9 million.

Shares closed up 54 cents at $35.54. They added another $1.46, or 4 percent, to $37 in aftermarket activity. Shares have ranged from $18.24 to $41.56 over the past year.