Lam Research Profit Climbs, Sees Lower Earnings Sequentially; To Buy KLA-Tencor

(RTTNews) - Lam Research Corp. (LRCX) Wednesday reported that its first-quarter net income was $288.68 million, or $1.66 per share, significantly higher than last year's $141.08 million or $0.80 per share.

Adjusted net income for the latest quarter was $313.0 million or $1.82 per share.

On average, 18 analysts polled by Thomson Reuters expected earnings of $1.71 per share for the quarter. Analysts' estimate typically exclude one-time items.

Revenue increased to $1.60 billion from $1.15 billion a year ago, and was in line with analysts' estimates.

Looking ahead for the December 2015 quarter, Lam expects earnings per share of $1.19, plus or minus $0.10, and adjusted net income of $1.42, plus or minus $0.10.

Revenue is projected to be $1.41 billion, plus or minus $75 million, and Shipments are expected to be $1.275 billion, plus or minus 75 million.

Martin Anstice, Lam Research's president and chief executive officer, said, "Lam posted record revenue and earnings in the September quarter and is on track to deliver over 20% revenue growth for the third consecutive year in calendar 2015."

Separately, Lam agreed to acquire KLA-Tencor Corp. (KLAC), a provider of process control and yield management solutions, for $5.0 billion in aggregate cash consideration and 80 million shares of Lam common stock, valued at $5.6 billion as of October 20.

In pre-market activity, Lam shares were gaining 1.39 percent to trade at $71.