Lam Research Corp. (LRCX) had a pretty good Wednesday evening. The semiconductor equipment maker reported second-quarter results that beat Wall Street's expectations on both the top and bottom lines, then followed up with guidance that suggests the momentum isn't slowing down anytime soon.
The Numbers: Lam Research posted earnings of $1.27 per share for the quarter, comfortably ahead of the $1.17 analyst consensus. That's an 8.45% beat, which is the kind of margin investors like to see.
Revenue hit $5.35 billion, topping the $5.24 billion estimate and representing solid growth from the $4.38 billion the company brought in during the same quarter last year. Non-GAAP gross margin came in at $2.66 billion, or 49.7% of revenue.
"Lam delivered another strong quarter to cap a record year," said Tim Archer, the company's CEO. He pointed to the company's expanding product and services portfolio as key to helping customers navigate the shift toward "smaller, more complex three-dimensional devices and packages."
Archer added: "With AI accelerating, we are ramping execution velocity across the company to support our customers' growth and realize our vision for multi-year outperformance."
Looking Ahead: The guidance is where things get interesting. Lam Research expects Q3 adjusted earnings between $1.25 and $1.45 per share, above the $1.20 Street estimate. Revenue guidance of $5.4 billion to $6 billion also came in ahead of the $5.3 billion consensus.
Shares responded positively, climbing 0.18% to $240.01 in extended trading following the announcement.
