FREMONT, Calif. (AP) _ Lam Research Corp. (LRCX) on Tuesday reported fiscal third-quarter net income of $574.7 million.
On a per-share basis, the Fremont, California-based company said it had net income of $3.10. Earnings, adjusted for one-time gains and costs, were $2.80 per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.54 per share.
The semiconductor equipment maker posted revenue of $2.15 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $2.13 billion.
For the current quarter ending in June, Lam Research expects its per-share earnings to range from $2.88 to $3.12. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.63.
The company said it expects revenue in the range of $2.2 billion to $2.4 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $2.18 billion.
Lam Research shares have risen 21 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 5 percent. In the final minutes of trading on Tuesday, shares hit $127.43, a climb of 55 percent in the last 12 months.