Lam Research Q4 Profit Rises; Stock Up

(RTTNews) - Lam Research Corp. (LRCX) reported that its fourth-quarter net income increased to $696.67 million or $4.73 per share from $541.83 million or $3.51 per share in the prior year.

Non-GAAP net income for the latest-quarter was $704 million or $4.78 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $4.14 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenue was $2.79 billion, up from $2.36 billion in the prior year. Analysts expected revenue of $2.72 billion for the quarter.

For the first-quarter, the company expects net income per share to be $5.06 plus or minus $0.40, non-GAAP net income of $5.15 plus or minus $0.40, and revenue of $3.1 billion plus or minus $200 Million.

LRCX closed Wednesday regular trading at $360.83 up $11.90 or 3.41 percent. In the after-hours, the stock further gained $10.07 or 2.79 percent.