LAM REPORTS RECORD Q3, EXPECTS Q4 TO BE EVEN BETTER What does it mean for Photon?
LAM RESEARCH CORPORATION REPORTS FINANCIAL RESULTS FOR THE QUARTERENDED SEPTEMBER 27, 2020
FREMONT, Calif., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended September 27, 2020 (the “September 2020 quarter”).
Highlights for the September 2020 quarter were as follows:
- Revenue of $3.18 billion.
- U.S. GAAP gross margin of 47.4%, U.S. GAAP operating income as a percentage of revenue of 30.2%, and U.S. GAAP diluted EPS of $5.59.
- Non-GAAP gross margin of 47.5%, non-GAAP operating income as a percentage of revenue of 31.1%, and non-GAAP diluted EPS of $5.67.
Key Financial Data for the Quarters Ended
September 27, 2020 and June 28, 2020
(in thousands, except per-share data, percentages, and basis points)
| U.S. GAAP |
| | September 2020 | | June 2020 | | Change Q/Q |
| Revenue | $ | 3,177,080 | | | $ | 2,791,864 | | | + 14 | % |
| Gross margin as percentage of revenue | 47.4 | % | | 45.9 | % | | + 150 bps | |
| Operating income as percentage of revenue | 30.2 | % | | 27.1 | % | | + 310 bps | |
| Diluted EPS | $ | 5.59 | | | $ | 4.73 | | | + 18 | % |
| | | | | | |
| Non-GAAP |
| | September 2020 | | June 2020 | | Change Q/Q |
| Revenue | $ | 3,177,080 | | | $ | 2,791,864 | | | + 14 | % |
| Gross margin as percentage of revenue | 47.5 | % | | 46.1 | % | | + 140 bps | |
| Operating income as percentage of revenue | 31.1 | % | | 28.5 | % | | + 260 bps | |
| Diluted EPS | $ | 5.67 | | | $ | 4.78 | | | + 19 | % |
Non-GAAP Financial Results For the September 2020 quarter, non-GAAP gross margin was $1,511 million, or 47.5% of revenue, non-GAAP operating expenses were $523 million, non-GAAP operating income was 31.1% of revenue, and non-GAAP net income was $835 million, or $5.67 per diluted share. This compares to non-GAAP gross margin of $1,288 million, or 46.1% of revenue, non-GAAP operating expenses of $493 million, non-GAAP operating income of 28.5% of revenue, and non-GAAP net income of $704 million, or $4.78 per diluted share, for the June 2020 quarter. “Lam generated outstanding results in the September quarter with record revenues and earnings per share,” said Tim Archer, Lam Research’s President and Chief Executive Officer. “Our strong operational execution is enabling the Company to meet our customers' critical needs, providing a solid foundation to deliver on our long-term growth objectives.” | | | | | | | | | | |
Outlook
For the quarter ended December 27, 2020, Lam is providing the Wfollowing guidance:
| | U.S. GAAP | | Reconciling Items | | Non-GAAP |
| Revenue | $3.3 Billion | +/- | $200 Million | | — | | $3.3 Billion | +/- | $200 Million |
| Gross margin as a percentage of revenue | | 46.0 | % | +/- | | 1 | % | | $ | 1 Million | | | | 46.0 | % | +/- | | 1 | % |
| Operating income as a percentage of revenue | | 29.1 | % | +/- | | 1 | % | | $ | 14 Million | | | | 29.5 | % | +/- | | 1 | % |
| Net income per diluted share | $ | 5.51 | | +/- | $ | 0.40 | | | $ | 13 Million | | | $ | 5.60 | | +/- | $ | 0.40 | |
| Diluted share count | 146 Million | | — | | 146 Million |
| | | | | | |