Lam, Dallas, Cree, Iomega exceed earnings estimates

Lam Research (Nasdaq: LRCX) easily topped the consensus analyst forecast in the first quarter.

After market close Thursday, the vendor of chip wafer processing equipment reported fiscal first quarter net income of $66.1 million, or 48 cents per share. First Call's survey of 21 analysts predicted a profit of 43 cents per share for the quarter ended Sept. 24.

Revenue in the first quarter increased to $432 million, a 79 percent improvement year-over-year and 15 percent gain from the fourth quarter. Gross margin rose to 46.1 percent, compared to 41.7 percent in the year-ago period.

First quarter orders increased 10 percent year-over-year, with North America generating 36 percent, followed by Asia Pacific with 27 percent, Europe at 23 percent and Japan at 14 percent. Demand for systems that etch circuit patterns and give wafers a flat surface fueled order growth, the company said.

Shares of Lam closed Thursday's regular trading at 18, down 0.625 ahead of the earnings announcement.

Other tech companies reporting quarterly results:

Dallas Semiconductor (NYSE: DS)

beat consensus forecasts in the third quarter.

The maker of specialty chips reported third quarter earnings of $27 million, or 42 cents per share. First Call's survey of five analysts predicted a profit of 40 cents per share for the quarter ended Oct. 1.

Third quarter sales of $139.5 million were up 38 percent year-over-year and 7 percent sequentially. Company executives credited the revenue increase to demand for analog and low-power units used in equipment for networking, wireless and voice.

"We are entering Q4 with record 90-day backlog and the end markets for our products appear strong," said Vin Prothro, chairman and CEO. "We have virtually no dependence on the PC market and only a small percent of our revenues come from the wireless handset market. Our strategy of continuous investment in a broad product line continues to fuel growth."

Dallas shares closed off 0.9375 to 29.5 ahead of the quarterly report.

Cree (Nasdaq:CREE)

said its first-quarter profit more than doubled, topping Wall Street's expectations, as revenue surged 80 percent.

The maker of light-emitting diodes and silicon carbide semiconductors said its profit in the period ended Sept. 24 rose to $12.7 million, or 34 cents per share, from $4.6 million, or 14 cents per share, a year earlier.

Wall Street analysts on average had been expecting Cree to report a profit of 32 cents per share, according to First Call.

Quarterly revenue for Cree rose to $37.6 million from $20.9 million a year earlier.

Iomega (NYSE: IOM)

reported a third quarter operating profit that surpassed forecasts, but said its sales had declined.

The maker of removable and portable storage devices for PCs said it earned $55.4 million or 20 cents per diluted share in the third quarter, including unusual gains of nine cents per share related to deferred tax assets and reversal of restructuring charges. However, even excluding those items, the company comfortably surpassed analyst estimates for earnings of seven cents per share.

Iomega said its revenues decreased to $320.5 million from $356.6 million in the year-ago quarter, due partly to the adverse affect of the weaker European currency on sales of its dollar-priced products. >