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UPDATE 1-Lam Research profit misses estimates
July 25, 2012 / 11:33 PM / 5 years ago

UPDATE 1-Lam Research profit misses estimates

(Adds first-quarter outlook)

July 25 (Reuters) - Lam Research’s quarterly profit missed Wall Street estimates as the chip manufacturing equipment maker was hurt by higher operating costs, and it forecast weak first-quarter results.

Lam Research sees first-quarter earnings of 33 cents to 47 cents per share, on revenue of $870 million to $930 million.

Analysts were looking for earnings of 70 cents per share, on revenue of $1.04 billion, according to Thomson Reuters I/B/E/S.

Needham & Co analyst Ed Mok said Lam Research’s results and outlook were hurt by accounting adjustments related to its acquisition of Novellus Systems. The deal closed last month.

“But it’s (outlook) still below what we had expected,” he said.

Fourth quarter net income, which included writedowns on the Novellus deal, fell to $18.1 million, or 13 cents per share, from $125.9 million, or $1.01 per share, a year earlier.

Excluding items, the company earned 60 cents per share.

Revenue fell marginally to $741.8 million.

Analysts were looking for earnings of 64 cents per share, on revenue of $804.7 million for the quarter ended June 24.

Operating expenses rose 35 percent to $265.5 million.

Shares of the company, which closed at $34.24 on Wednesday on the Nasdaq, were down about 4 percent at $32.90 in after-market trade. (Reporting by Chandni Doulatramani in Bangalore; Editing by Hezron Selvi, Maju Samuel)

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