Lam Research Corporation announced unaudited consolidated earnings results for the second quarter and six months ended December 29, 2013. For the quarter, revenue was $1,116,061,000, operating income was $164,474,000, income before income taxes was $160,637,000 and net income was $148,992,000 or $0.87 per diluted share against revenue of $860,886,000, operating income of $4,042,000, loss before income taxes of $9,348,000 and net income of $6,408,000 or $0.04 per diluted share for the same period a year ago. Net cash provided by operating activities was $129,023,000 and capital expenditures and intangible assets was $38,323,000 against net cash provided by operating activities of $193,226,000 and capital expenditures and intangible assets of $38,924,000 a year ago. On non-GAAP basis, operating income was $208,666,000 and net income was $188,745,000 or $1.10 per diluted share against operating income of $164,882,000 and net income of $139,227,000 or $0.81 per diluted share for the quarter ended September 29, 2013. Operational cash generation was impacted by growth in accounts receivable.

For the six months, revenue was $2,131,120,000, operating income was $269,882,000, income before income taxes was $251,783,000 and net income was $234,498,000 or $1.37 per diluted share against revenue of $1,767,774,000, operating income of $20,754,000, loss before income taxes of $2,574,000 and net income of $9,176,000 or $0.05 per diluted share for the same period a year ago. Net cash provided by operating activities was $180,948,000 and capital expenditures and intangible assets was $62,101,000 against net cash provided by operating activities of $442,488,000 and capital expenditures and intangible assets of $82,889,000 a year ago.

Impairment of long-lived asset was $628,000 for the quarter ended December 29, 2013.

For the March 2014 quarter, Lam is providing the following guidance on a non-GAAP basis: Shipments of approximately $1.250 billion plus or minus $30 million, reflecting continued strength in the memory segment and ongoing investments for 20-nanometer foundry capacity.; Revenue of approximately $1.215 billion plus or minus $30 million; Gross margin of approximately 45.0% plus or minus 1.0%; Operating margin as a percent of revenue of approximately 19.5% plus or minus 1.0%; Earnings per share of approximately $1.15 plus or minus $0.05, assuming a diluted share count of 173 million.