Q1 2025 Lam Research Corp Earnings Call Transcript
Key Points
- Lam Research Corp (LRCX) posted a strong September quarter with revenues and earnings per share exceeding the midpoint of guidance.
- The company achieved its fifth consecutive quarter of revenue growth, indicating strong execution despite a challenging industry environment.
- Lam Research Corp (LRCX) is well-positioned to benefit from technology upgrades in NAND, which is expected to drive spending recovery.
- The company is seeing strong momentum in advanced packaging, with SABRE 3D revenue more than doubling this year.
- Lam Research Corp (LRCX) is experiencing strong customer demand for productivity enhancements and equipment intelligence services, with increased adoption of its offerings.
- Domestic China WFE is expected to decline in the second half of the year, impacting Lam Research Corp (LRCX)'s revenue from the region.
- Gross margin decreased slightly due to a decline in customer mix and increased incentive compensation.
- Operating expenses increased due to higher program spending and incentive compensation, impacting profitability.
- The NAND segment has experienced a prolonged down cycle, with spending expected to increase only in 2025.
- Lam Research Corp (LRCX) anticipates a headwind in customer mix affecting gross margins due to a lower percentage of revenue from China.
Good day and welcome to the Lam Research September Q1 earnings conference call. (Operator Instructions)
Please note, this event is being recorded. I would now like to turn the conference over to Ram Ganesh, Vice President of Investor Relations. Please go ahead, sir.
Thank you, and good afternoon, everyone. Welcome to the Lam Research quarterly earnings conference call. With me today are Tim Archer, President and Chief Executive Officer; and Doug Bettinger, Executive Vice President and Chief Financial Officer.
During today's call, we will share our overview on the business environment, and we'll review our financial results for the September 2024 quarter and our outlook for the December 2024 quarter. The press release detailing our financial results was distributed a little after 1:00 PM Pacific Time. The release can also be found on the Investor Relations section of the company's website, along with the presentation slides that accompany today's call.
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