Early Access

10-QPeriod: Q3 FY2014

LAM RESEARCH CORP Quarterly Report for Q3 Ended Mar 30, 2014

Filed May 8, 2014For Securities:LRCX

Summary

Lam Research Corporation (LRCX) reported a strong financial performance for the quarter ended March 30, 2014. Revenue saw a significant increase of 45% year-over-year, reaching $1.23 billion, driven by increased customer demand in the semiconductor equipment market, particularly for memory applications. This surge in demand led to higher shipments and a robust gross margin of 43.2%, an improvement from the previous year's 40.2% and comparable to the prior quarter. Net income also saw a substantial rise, reaching $164.4 million, or $0.96 per diluted share, a significant improvement from the $19 million, or $0.11 per diluted share, reported in the same quarter last year. The company maintained a healthy cash position, with total cash and investments amounting to approximately $2.9 billion. Management's strategic focus on R&D and operational efficiency, coupled with favorable market conditions, position Lam Research for continued growth. The company also announced plans for a quarterly dividend and a substantial share repurchase program, indicating confidence in its financial health and commitment to returning value to shareholders.

Financial Highlights

54 data points
Beta

Revenue

$1.23B

0.4% Gross Margin

Net Income

$164.40M

0.1% Net Margin

EPS (Diluted)

$0.10

Total Assets

$7.71B

Cash & Equivalents

$1.29B

Free Cash Flow

$290.21M

Financial Statements
Beta
Revenue$1.23B
Cost of Revenue$696.59M
Gross Profit$530.80M
R&D Expenses$185.98M
SG&A Expenses$152.88M
Operating Expenses$338.86M
Operating Income$191.94M
Interest Expense$15.62M
Net Income$164.40M
EPS (Basic)$0.10
EPS (Diluted)$0.10
Shares Outstanding (Basic)1.62B
Shares Outstanding (Diluted)1.72B

Key Highlights

  • 1Revenue surged by 45% year-over-year to $1.23 billion for the quarter ended March 30, 2014.
  • 2Net income increased significantly to $164.4 million, or $0.96 per diluted share, compared to $19.0 million, or $0.11 per diluted share, in the prior year.
  • 3Gross margin improved to 43.2% from 40.2% in the same quarter last year, reflecting improved efficiencies and product mix.
  • 4The company ended the quarter with a strong liquidity position of approximately $2.9 billion in cash and investments.
  • 5Shipments increased by 41% year-over-year, driven by strong demand in the memory market.
  • 6Lam Research announced plans to initiate a quarterly dividend and authorized a significant $850 million share repurchase program.
  • 7Operating expenses increased primarily due to costs for product configuration rationalization and building lease financing.

Frequently Asked Questions