Lam Research Corporation ( LRCX ) reported its third-quarter financial results after the bell Wednesday. Here's a look at the highlights.

The Details:

Lam Research ( LRCX ) reported quarterly adjusted earnings of $7.79 per share which beat the analyst consensus estimate of $7.30 by 6.71%.

Quarterly sales clocked in at $3.793 billion, beating the analyst consensus estimate of $3.724 billion by 1.86%.

Cash and cash equivalents, short-term investments, and restricted cash and investments balances increased slightly to $5.7 billion at the end of the March 2024 quarter compared to $5.6 billion at the end of the December 2023 quarter. The company said the increase was primarily the result of $1.385 billion of cash generated from operating activities, partially offset by $981 million of share repurchases, including net share settlement of employee stock-based compensation; and $263 million of dividends paid to stockholders.

“With solid revenue and earnings per share performance in the March quarter, Lam is off to a strong start in calendar 2024” said Tim Archer, Lam Research’s CEO. “As our customers address the challenges in scaling semiconductors to meet the power and speed requirements for driving AI transformation, Lam is strengthening its leadership and is well-positioned for the significant opportunities ahead.”

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LRCX Price Action: According to Benzinga Pro, Lam Research ( LRCX ) shares are up 0.58% after-hours at $890.00 at the time of publication Wednesday.

Image: Courtesy of Lam Research Corporation ( LRCX )