Lam Research Corporation (NASDAQ:LRCX) Q4 2024 Earnings Conference Call July 31, 2024 5:00 PM ET

Company Participants

Ram Ganesh - Investor Relations
Timothy Archer - President and Chief Executive Officer
Douglas Bettinger - Executive Vice President and Chief Financial Officer

Conference Call Participants

Timothy Arcuri - UBS
Krish Sankar - TD Cowen
Srinivas Pajjuri - Raymond James & Associates
CJ Muse - Cantor Fitzgerald & Co.
Stacy Rasgon - Sanford C. Bernstein & Co.
Harlan Sur - JPMorgan Chase & Co.
Atif Malik - Citigroup
Toshiya Hari - Goldman Sachs
Joseph Moore - Morgan Stanley
Blayne Curtis - Jefferies
Joseph Quatrochi - Wells Fargo
Melissa Weathers - Deutsche Bank

Operator

Good evening, and welcome to the Lam Research June Quarterly Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation there will be an opportunity to ask questions. [Operator Instructions] Please note, this call is being recorded.

I would now like to turn the conference over to Mr. Ram Ganesh, VP Investor Relations. Please go ahead.

Ram Ganesh

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 June 2024 quarter and our outlook for the September 2024 quarter. The press release detailing our financial results was distributed a little after 1:00 p.m. 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.

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 3:00 p.m. 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.

Timothy Archer

Thanks, Rob, and good afternoon, everyone. In the June quarter, Lam delivered another set of solid results with revenues, profitability and earnings per share, all coming in above the midpoint of our guidance. Our CSBG business posted strong growth with revenues up 22% sequentially, led by Reliant and spares. On the manufacturing side, we achieved a key milestone in the quarter with our Malaysia factory shipping its 5,000th chamber. This is the fastest ramp of a new manufacturing facility in Lam's history, and we remain on track to achieve our long-term cost reduction goals through an expanded global manufacturing and supply chain footprint.