FREMONT, Calif. (AP) _ Lam Research Corp. (LRCX) on Wednesday reported fiscal first-quarter profit of $823.5 million.
The Fremont, California-based company said it had profit of $5.59 per share. Earnings, adjusted for non-recurring costs, were $5.67 per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $5.17 per share.
The semiconductor equipment maker posted revenue of $3.18 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $3.1 billion.
For the current quarter ending in January, Lam Research expects its per-share earnings to range from $5.20 to $6. Analysts surveyed by Zacks had forecast adjusted earnings per share of $5.09.
The company said it expects revenue in the range of $3.1 billion to $3.5 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $3.1 billion.
Lam Research shares have risen 26% since the beginning of the year, while the Standard & Poor's 500 index has risen 6.5%. In the final minutes of trading on Wednesday, shares hit $367.10, an increase of 54% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LRCX at https://www.zacks.com/ap/LRCX
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