Lam Research Corporation (NASDAQ:LRCX) Q1 2024 Earnings Call Transcript October 18, 2023 5:00 PM ET

Company Participants

Tina Correia - Corporate Vice President, Chief Accounting Officer, and Investor Relations

Tim Archer - President and Chief Executive Officer

Doug Bettinger - Executive Vice President and Chief Financial Officer

Conference Call Participants

Timothy Arcuri - UBS

Harlan Sur - JPMorgan

Atif Malik - Citi

Krish Sankar - TD Cowen

Joe Moore - Morgan Stanley

Toshiya Hari - Goldman Sachs

Vivek Arya - Bank of America

Stacy Rasgon - Bernstein Research

Srinivas Pajjuri - Raymond James

Brian Chin - Stifel

Sidney Ho - Deutsche Bank

Operator

Good day and welcome to the Lam Research September 2023 Financial Conference call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, today's event is being recorded.

I would now like to turn the conference over to Tina Correia, Corporate Vice President, Chief Accounting Officer, and Investor Relations. Please go ahead.

Tina Correia

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 2023 quarter and our outlook for the December 2023 quarter. The press release detailing our financial results was distributed a little after 1 o'clock PM Pacific Time this afternoon. 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.

Today's presentation and Q&A include forward-looking statements that are subject to risks and uncertainties reflected in the risk factors disclosed in our SEC public filings. Please see accompanying slides in the presentation for additional information. Today's discussion of our financial results will be presented on a non-GAAP financial basis unless otherwise specified. A detailed reconciliation between GAAP and non-GAAP results can be found in the accompanying slides in the presentation. This call is scheduled to last until 3 o'clock PM Pacific Time. A replay of this call will be made available later this afternoon on our website.

And with that, I'll hand the call over to Tim.

Tim Archer

Thanks, Tina, and welcome, everyone. Lam produced solid results for the September quarter. Revenues came in above the midpoint of our guidance. And for the second quarter in a row, our gross margin, operating margin, and earnings per share, all exceeded the high end of the guidance range. Our revenue and earnings per share are expected to improve further in the December quarter, demonstrating our continued strong execution in a cyclically soft calendar year 2023.