FREMONT, Calif. (AP) — Lam Research Corp. said Wednesday its fiscal fourth-quarter profit fell 10 percent as higher expenses overshadowed increased sales of its semiconductor manufacturing equipment.
The company’s results beat analyst estimates, but CEO Steve Newberry predicted results in the September quarter will be “well below” what they were in the June quarter due to declines in spending on chip-making equipment. Lam shares fell 6 percent in extended trading.
For the quarter that ended June 26, Lam Research earned $126 million, or $1.01 per share, compared with $140 million, or $1.10 per share, in the same quarter a year earlier.
Excluding one-time items, Lam’s net income totaled $1.14 per share. Analysts polled by FactSet expected $1.09 per share.
Revenue climbed 8 percent to $752 million from $695 million a year earlier. Analysts were anticipating $749 million in revenue.
The company’s operating expenses climbed 18 percent to $196.3 million.
For the full fiscal year, Lam earned $724 million, or $5.79 per share, compared with $347 million, or $2.71 per share, a year earlier. Revenue rose to $3.24 billion from $2.13 billion a year earlier.
Lam shares fell $2.62 to $39.60 in after-hours trading. The stock finished regular trading down $1.61, or 3.7 percent, at $42.22.