Lam Research Authorizes $5 Bln Share Buyback Plan

(RTTNews) - Lam Research Corp. (LRCX) Wednesday said its Board of Directors approved a $5 billion share repurchase authorization.

The company is authorized to repurchase up to $5 billion of common stock. Repurchases may be made through both public market and private transactions and may include the use of derivative contracts and structured share repurchase agreements.

The company also reported a second-quarter profit of $568.86 million or $3.51 per share, compared to last year's loss of $9.96 million or $0.06 per share last year. On an adjusted basis, earnings for the quarter were $628.20 million or $3.87 per share.

Revenues for the quarter dropped to $2.52 billion from $2.58 billion last year.

Analysts polled by Thomson Reuters estimated earnings of $3.66 per share on revenues of $2.50 billion.

Looking forward to the third quarter, Lam Research expects revenues of $2.4 billion, plus or minus $150 million and earnings of $3.21 per share, plus or minus $0.20 per share.

LRCX closed Wednesday's trading at $139.33, down $0.56 or 0.40%, on the Nasdaq. The stock, however, gained $5.42 or 3.89% in the after-hours trading.