Notable Earnings: IBM (IBM), Lam Research (LRCX), Sanmina (SANM), Fortinet Inc. (FTNT)

International Business Machines Corporation (IBM) shares are down $0.66 to $165.50 in after-hours trading Monday after the technology and consulting company reported its first quarter earnings results.

IBM reported earnings of $2.91 per share on revenues of $19.59 billion, down 11.9% from a year ago. Analysts were expecting EPS of $2.83 on revenues of $19.68 billion. First-quarter consolidated net income was $2.3 billion, or $2.35 per share.

For the full-year 2015, the company gave its bottom line range of $15.75 – $16.50 per share, against projections of $15.90 per share.

On valuation measures, International Business Machines Corp. shares, which currently have an average 3-month trading volume of 4.6 million shares, trade at a trailing-12 P/E of 13.96, a forward P/E of 10.08 and a P/E to growth ratio of 1.99. The median Wall Street price target on the name is $160.00 with a high target of $198.00. Currently ticker boasts 3 ‘Buy’ endorsements, compared to 20 ’Holds’ and 3 ‘Sell’.

Profitability-wise, IBM has a t-12 profit and operating margin of 12.96% and 21.42%, respectively. The $164.24 billion market cap company reported $8.79 billion in cash vs. $38.8 billion in debt in its most recent quarter.

IBM currently prints a one year loss of about 16% and a year-to-date return of 0.85%.

The chart below shows where the equity has traded over the last 52 weeks.

Lam Research Corporation (LRCX) shares are up $6.01 to $78.00 in the extended session Monday after the company reported its third quarter earnings results.

The semiconductor equipment maker reported earnings of $1.40 per share on revenues of $1.39 billion, up 13.5% from a year ago. Analysts were expecting EPS of $1.30 on revenues of $1.37 billion. Net income was $206.3 million, or $1.16 per share on a GAAP basis, compared to $176.9 million, or $1.00/shr, for the quarter ended Dec. 28, 2014.

For Q4/15, LRCX issued revenue projection of $1.41 – $1.51 billion, compared to the consensus revenue estimate of $1.39 billion.

The $11.47 billion market cap company reported $4.1 billion in cash in its most recent quarter.

LRCX currently prints a one year return of about 37% and a year-to-date loss of around 11%.

Sanmina Corporation (SANM) dropped $2.26 to $21.10 in after-hours trading after it reported fiscal-second quarter earnings.

The electronics manufacturing services company handed in earnings of $0.50 per share on revenue of $1.53 billion, versus Wall Street estimates of $0.53 per share on revenue of $1.60 billion. Profit was $14.7 million, or $0.17 per share, compared to $20.8 million, or $0.24/shr for the same period a year ago.

“I am pleased with our profitability and cash generation in an environment where we had unexpectedly soft revenue,” said in a statement Jure Sola, Chairman and Chief Executive Officer. “Our third quarter outlook reflects continued headwind in our communications networks segment offset by growth in the industrial, medical and defense segment.”

For Q3/15, SANM provided EPS guidance of $0.48 – $0.52 versus consensus of $0.56 per share. The company also issued revenue projection of $1.50 -$1.55 million, compared to the consensus revenue estimate of $1.64 billion.

Profitability-wise, SANM has a t-12 profit and operating margin of 3.06% and 3.59%, respectively. The $1.94 billion market cap company reported $407.7 million in cash in its most recent quarter.

SANM currently prints a one year return of about 35% and a year-to-date loss of 1.66%.

The chart below shows where the equity has traded over the last 52 weeks.

Shares of Fortinet Inc. (FTNT) rallied $2.87 to $37.50 after the company reported first-quarter earnings of $212.9 million or $0.08 per share. Analysts had been modeling $205.01 million and $0.06 per share. GAAP net income came in at $1.6 million, or $0.01 per share, compared to $8.4 million, or $0.05/shr for the same quarter of 2014.

For Q2/15, the network security company provided EPS guidance of $0.08 – $0.09 versus consensus of $0.11 per share. Fortinet also issued revenue projection of $224 -$228 million, compared to the consensus revenue estimate of $221.97 million.

The $5.85 billion market cap Sunnyvale, Calif.-based company reported $386.35 million in cash in its most recent quarter.

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