Lam Research reported strong financial results for 2024, with significant growth in CSBG and advanced packaging, and strategic investments paying off. However, challenges in China and customer concentration headwinds pose potential risks.

Company Guidance

During the Lam Research earnings call for the December 2024 quarter, the company reported solid performance, with revenue of $4.38 billion, gross margin at 47.5%, operating margin at 30.7%, and earnings per share (EPS) of $0.91, all surpassing guidance midpoints. The Customer Support Business Group (CSBG) revenue increased by 11% to $6.6 billion for the year, and the installed base grew to 96,000 chambers. Lam anticipates wafer fabrication equipment (WFE) spending to rise slightly to about $100 billion in 2025, driven by technological advances. The company expects over $3 billion in shipments to gate-all-around nodes and advanced packaging. Lam highlighted strategic investments in R&D and operations, including the Cryo 3.0 technology and Aether dry-resist solution, contributing to a 160 basis point improvement in operating margin for 2024.

Strong Financial Performance

Lam Research reported a revenue of $16.2 billion and diluted earnings per share of $3.36 for calendar year 2024, exceeding expectations. CSBG revenue increased 11% to $6.6 billion.

Record Gross Margin

Gross margin for 2024 was 48.2%, the highest annual result since the merger with Novellus in 2013.

Advanced Packaging and Technology Growth

Lam's shipments for gate-all-around nodes and advanced packaging grew to exceed $1 billion in 2024, with expectations to surpass $3 billion in 2025.

Strategic Investments Paying Off

Lam's strategic investments in R&D and infrastructure have led to significant product advances, such as Cryo 3.0 and Aether dry-resist solutions.

Customer Support Business Group Growth

CSBG generated $1.8 billion in revenue for the December quarter, with a 20% increase over the same period in 2023.

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Lam Research (LRCX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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LRCX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 23, 2025	2025 (Q3)	0.99 / -	0.779	―	―	―
Jan 29, 2025	2025 (Q2)	0.88 / 0.91	0.752	21.01% (+0.16)
Oct 23, 2024	2025 (Q1)	0.81 / 0.86	0.685	25.55% (+0.17)
Jul 31, 2024	2024 (Q4)	0.76 / 0.81	0.598	36.12% (+0.22)
Apr 24, 2024	2024 (Q3)	0.73 / 0.78	0.699	11.44% (+0.08)
Jan 24, 2024	2024 (Q2)	0.71 / 0.75	1.071	-29.79% (-0.32)
Oct 18, 2023	2024 (Q1)	0.61 / 0.69	1.042	-34.26% (-0.36)
Jul 26, 2023	2023 (Q4)	0.51 / 0.60	0.883	-32.28% (-0.29)
Apr 19, 2023	2023 (Q3)	0.65 / 0.70	0.74	-5.54% (-0.04)
Jan 25, 2023	2023 (Q2)	1.00 / 1.07	0.853	25.56% (+0.22)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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LRCX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 29, 2025	$75.15	$80.73	+7.43%
Oct 23, 2024	$72.64	$76.34	+5.09%
Jul 31, 2024	$91.56	$82.53	-9.86%
Apr 24, 2024	$87.79	$89.43	+1.87%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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