Semiconductor equipment vendor Lam Research (LRCX) late Wednesday crushed Wall Street’s targets for the March quarter. It also guided higher for the current period. But LRCX stock dipped in extended trading.
The Fremont, Calif.-based company earned an adjusted $7.49 a share on sales of $3.85 billion in its fiscal third quarter ended March 28. Analysts expected Lam earnings of $6.60 a share on sales of $3.69 billion. On a year-over-year basis, Lam Research earnings jumped 88% while sales climbed 54%.
For the quarter ending June 27, Lam Research expects to earn an adjusted $7.50 a share on sales of $4 billion. Wall Street had predicted earnings of $6.74 a share on sales of $3.68 billion. In the year-earlier period, Lam earned $4.78 a share on sales of $2.79 billion.
“Lam’s growth trajectory continues with record revenue and earnings per share delivered in the March quarter,” Chief Executive Tim Archer said in a news release. “Semiconductors are reaching new heights of strategic relevance, and Lam’s differentiated ability to meet our customers’ scaling challenges positions us well amid a strong wafer fabrication spending environment.”
LRCX Stock Is On Three IBD Watchlists
In after-hours trading on the stock market today, LRCX stock initially rose but then turned south. In recent trades, LRCX stock was down 0.5%, near 638.30. During the regular session Wednesday, LRCX stock jumped 4.6% to 641.25.
LRCX stock is tied for first place in IBD’s Electronics-Semiconductor Equipment industry group, according to IBD Stock Checkup. It shares a best-possible IBD Composite Rating of 99 with six other chip-gear stocks, including Applied Materials (AMAT) and ASML (ASML).
The semiconductor equipment group ranks a strong No. 14 out of 197 industry groups that IBD tracks. It helps to choose highly rated stocks from leading industry groups in a confirmed stock market uptrend. That generally increases your chances of making profits in growth stocks.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
YOU MAY ALSO LIKE:
Read More: https://www.kbcchannel.tv | For More Business Articles | Visit Our Facebook & Twitter @kbcchanneltv | Making The Invisible, Visible