Lam Research Adds 10% As Q1 Profit Beats Street

(RTTNews) - Shares of semiconductor processing equipment maker Lam Research Corporation (LRCX) are rising more than 10% Thursday morning after reporting better-than-expected earnings in the first quarter.

Earnings in the first quarter increased to $1.426 billion, or $10.39 per share from $1.18 billion, or $8.27 per share in the same quarter a year ago.

Excluding one-time items, earnings were $1.43 billion or $10.42 per share, that beat the average estimate of analysts polled by Thomson Reuters of $9.53 per share.

Quarterly revenue increased to $5.074 billion from $4.304 billion in the same quarter a year ago.

Looking forward, the company expects revenue in the range of $4.8 billion-$5.4 billion, and adjusted EPS between $9.25 and $10.75. Analysts expect the company to report earnings of $9.4 per share on revenue of $4.91 billion.

LRCX, currently at $365.23, has traded in the range of $299.59-$731.85 in the last 1 year.