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Lam Research Reports Solid Financial Results for Q1 2024 and Provides Future Outlook
FREMONT, Calif., April 24, 2024 – Lam Research Corporation (NASDAQ: LRCX) today announced its financial results for the quarter ended March 31, 2024, showing positive growth in revenue and earnings, and providing guidance for the upcoming quarter.
Q1 2024 Financial Highlights
Lam Research reported a revenue of $3.79 billion for the March 2024 quarter, representing a slight increase of 0.9% from $3.758 billion in the December 2023 quarter. The company achieved a U.S. GAAP gross margin of 47.5%, up from 46.8% in the previous quarter, and a non-GAAP gross margin of 48.7%, improving from 47.6%.
Operating income as a percentage of revenue was slightly down on a GAAP basis at 27.9% compared to 28.1% in the December 2023 quarter, but showed a slight improvement on a non-GAAP basis from 30.0% to 30.3%. Diluted earnings per share (EPS) saw an increase, with GAAP EPS at $7.34 up from $7.22 and non-GAAP EPS at $7.79 up from $7.52.
Operational Efficiency and Market Leadership
Tim Archer, President and CEO of Lam Research, commented on the quarter's performance, highlighting the company’s solid revenue and EPS growth. "As our customers address the challenges in scaling semiconductors to meet the power and speed requirements for driving AI transformation, Lam is strengthening its leadership and is well-positioned for significant opportunities ahead," said Archer.
Financial Position and Shareholder Returns
The company’s cash and cash equivalents, including short-term investments and restricted cash and investments, slightly increased to $5.7 billion. During the quarter, Lam generated $1,385 million from operating activities, engaged in $981 million of share repurchases, and paid dividends totaling $263 million.
Revenue Distribution and Product Insights
Geographically, Lam’s largest revenue contributions came from China at 42%, followed by Korea at 24%, and Taiwan and Japan at 9% each. Systems revenue, which includes sales of new leading-edge equipment for deposition, etch, and clean markets, totaled $2,395,817 thousand for the quarter.
Guidance for the Next Quarter
For the quarter ending June 30, 2024, Lam Research provided guidance anticipating revenue of approximately $3.8 billion, with a possible variation of plus or minus $300 million. The company expects a GAAP gross margin of 46.7% (±1%) and a non-GAAP gross margin of 47.5% (±1%). Operating income is projected to be around 28.3% (±1%) on a GAAP basis and 29.5% (±1%) on a non-GAAP basis. Net income per diluted share is forecasted to be $7.20 (±$0.75) on a GAAP basis and $7.50 (±$0.75) on a non-GAAP basis.
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