Lam Research Corporation announced unaudited consolidated earnings results for the second quarter and six months ended December 24, 2017. For the quarter, the company reported revenue was $2,580,815,000 against $1,882,299,000 a year ago. Operating income was $737,371,000 against $439,828,000 a year ago. Income before income taxes was $734,219,000 against $384,805,000 a year ago. Net loss was $9,955,000 against net income of $332,791,000 a year ago. Diluted net loss per share was $0.06 against diluted net income per share of $1.81 a year ago. Net cash provided by operating activities was $28,704,000 against $404,098,000 a year ago. Capital expenditures and intangible assets was $84,693,000 against $36,513,000 a year ago. Non-GAAP net income was $787,863,000 against $565,518,000 a year ago. Non-GAAP net income per diluted share was $4.34,000 against $3.11,000 a year ago.

For the six months, the company reported revenue was $5,058,955,000 against $3,514,718,000 a year ago. Operating income was $1,430,593,000 against $755,775,000 a year ago. Income before income taxes was $1,421,939,000 against $677,598,000 a year ago. Net income was $580,735,000 against $596,626,000 a year ago. Diluted net income per share was $3.16 against $3.28 a year ago. Net cash provided by operating activities was $887,010,000 against $877,322,000 a year ago. Capital expenditures and intangible assets was $144,757,000 against $78,492,000 a year ago. Non-GAAP net income was $507,751,000 against $2,488,886,000 a year ago. Non-GAAP net income per diluted share was $2.8,000 against $13.7,000 a year ago.

For the march quarter of 2018, the company expects midpoint shipments at $3.175 billion and revenues at $2.85 billion. Company expects gross margin of 46% plus or minus 1 percentage point, operating margins of 29% plus or minus 1 percentage point, and earnings per share of $4.35 plus or minus $0.15 based on a share count of approximately 181 million shares.

Company expects to see a further increase in CapEx in calendar year 2018 as company continues to expand manufacturing network and support growth in strategic R&D programs.