KLA Corporation (KLAC) reported third-quarter fiscal 2025 non-GAAP earnings of $8.41 per share, beating the Zacks Consensus Estimate by 4.34%. The figure soared 59.9% year over year.Revenues increased 29.8% year over year to $3.06 billion, surpassing the Zacks Consensus Estimate by 1.92% and rising from the mid-point of the company’s guidance.KLA Corp’s earnings beat the Zacks Consensus Estimate in the trailing four quarters, the surprise being 6.35%, on average. (Find the latest EPS estimates and surprises ...

Group 1 - The analyst has 5 years of experience managing a technology fund and has a background in Mechanical Engineering [1] - The focus of the analysis is on investment opportunities in the semiconductor sector, robotics, and energy [1] - The investment strategy emphasizes growth at a reasonable price with a mid- to long-term horizon, targeting companies in oligopolistic sectors with high barriers to entry [1] Group 2 - The analyst has previously worked in the oil and gas sector before transitioning to global equities [1] - The analyst completed CFA Level II in 2024, indicating a commitment to professional development in investment management [1] - The analyst aims to provide small investors with valuable investment ideas through published articles [1]

Core Insights - KLA reported a revenue of $3.06 billion for the quarter ended March 2025, marking a 29.8% increase year-over-year, with an EPS of $8.41 compared to $5.26 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $3.01 billion by 1.92%, and the EPS also surpassed the consensus estimate of $8.06 by 4.34% [1] Revenue Breakdown - Product revenue reached $2.39 billion, exceeding the three-analyst average estimate of $2.35 billion, reflecting a year-over-year increase of 35.3% [4] - Service revenue was reported at $669.21 million, above the three-analyst average estimate of $657.04 million, representing a year-over-year growth of 13.3% [4] - Revenue from PCB, Display, and Component Inspection was $168.55 million, surpassing the estimated $140.55 million, with a year-over-year change of 26.4% [4] - Specialty Semiconductor Process revenue was $156.50 million, compared to the average estimate of $145.14 million, indicating a 19.8% year-over-year increase [4] - Semiconductor Process Control revenue was $2.74 billion, slightly above the $2.72 billion average estimate, showing a year-over-year growth of 30.7% [4] Stock Performance - KLA shares have returned +0.8% over the past month, while the Zacks S&P 500 composite experienced a -0.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - KLA reported revenue of $3,060,000,000 for the March quarter, exceeding the guidance midpoint of $3,000,000,000, with a non-GAAP diluted EPS of $8.41 and GAAP diluted EPS of $8.16 [7][15] - The gross margin was 63%, about 50 basis points higher than the guidance midpoint, driven by a stronger product mix within the Process Control segment [15][21] - Free cash flow for the quarter was $990,000,000, with a total of $3,500,000,000 over the past twelve months, resulting in a free cash flow margin of 30% [13][18] Business Line Data and Key Metrics Changes - KLA's advanced packaging revenue grew to over $500,000,000 in calendar 2024 and is expected to exceed $850,000,000 in calendar 2025, reflecting strong customer adoption [12] - The services business grew to $669,000,000 in March, marking a 13% year-over-year increase, despite challenges from U.S. Government export controls [12][47] - The Process Control segment maintained a strong global share, with a notable increase in advanced wafer level packaging market share, moving from third position in 2019 to a leading position in 2025 [10][11] Market Data and Key Metrics Changes - KLA's market share in the WFE and process control markets remained strong, with a 30% year-over-year revenue increase attributed to investments in leading-edge logic and high bandwidth memory [11][19] - The company expects WFE to grow by mid-single digits percentage in 2025, driven by investments in leading-edge foundry and logic, partially offset by lower demand from China [19][24] - KLA's exposure to the Chinese market was approximately 26% in March, with expectations of it being around 30% for the year, despite potential declines due to export controls [56][57] Company Strategy and Development Direction - KLA's strategy focuses on capital return, with a commitment to increasing dividends and share repurchases, announcing a 12% increase in quarterly dividends and a new $5,000,000,000 share repurchase authorization [14][18] - The company aims to leverage its unique product portfolio to support technology transitions and ensure high-volume production, particularly in advanced packaging and AI infrastructure [20][24] - KLA plans to postpone its Investor Day to early to mid-2026, hoping for a more stable macro environment to discuss growth strategies [9][33] Management's Comments on Operating Environment and Future Outlook - Management noted that despite macro uncertainties, there has been no change in customer demand or investment plans, indicating confidence in continued growth [8][9] - The company highlighted the importance of AI as a key driver for growth, with increasing complexity in semiconductor design and production [11][62] - Management expressed optimism about the 2026 outlook, citing ongoing investments in AI infrastructure and the need for capacity expansion among customers [61][70] Other Important Information - KLA's balance sheet remains strong, with $4,000,000,000 in cash and cash equivalents, and a debt of $5,900,000,000, supporting growth strategies and capital returns [18] - The company is adapting its product offerings to meet the evolving needs of the advanced packaging market, particularly in high bandwidth memory and hybrid bonding technologies [51][93] Q&A Session Summary Question: Impact of tariffs on equipment and systems - Management acknowledged the fluidity of tariff impacts and the potential headwinds on gross margins, particularly in the service business, while emphasizing their ability to manage global manufacturing operations [27][30][34] Question: Growth outlook for services - The services business is expected to grow in the low double digits for the year, slightly below long-term targets due to export control impacts [46][48] Question: Competitive positioning in advanced packaging - KLA has seen significant growth in advanced packaging, particularly in CoAOS, and is well-positioned to capitalize on the increasing demand for high bandwidth memory [49][51] Question: Revenue expectations from China - Management expects China to contribute around 30% of revenue for the year, with potential fluctuations due to macroeconomic factors [56][57] Question: Factors influencing gross margin guidance - The increase in gross margin guidance is attributed to product mix improvements and scale benefits from advanced packaging, despite tariff impacts [72][74]

KLA (KLAC) Q3 2025 Earnings Call April 30, 2025 05:00 PM ET Speaker0 Good afternoon. My name is Margot, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the KLA Corporation March Quarter twenty twenty five Earnings Conference Call and Webcast. All participants' lines have been placed in a listen only mode to prevent any background noise. After the speakers' remarks, there will be a question and answer Thank you. I will now turn the call over to Kevin Kessel, Vice Pre ...

[Fiscal 2025 Third Quarter Financial Highlights](index=1&type=section&id=Fiscal%202025%20Third%20Quarter%20Financial%20Highlights) [Q3 FY2025 Performance Summary](index=1&type=section&id=Q3%20FY2025%20Performance%20Summary) KLA reported strong Q3 FY2025 results, with **$3.06 billion** revenue and **$8.16** GAAP diluted EPS, exceeding guidance Q3 FY2025 Key Financial Results (GAAP & Non-GAAP) | Metric | Q3 FY 2025 | Q2 FY 2025 | Q3 FY 2024 | | :--- | :--- | :--- | :--- | | **GAAP Results** | | | | | Total Revenues | $3,063 million | $3,077 million | $2,360 million | | Net Income | $1,088 million | $825 million | $602 million | | Net Income per Diluted Share | $8.16 | $6.16 | $4.43 | | **Non-GAAP Results** | | | | | Net Income | $1,121 million | $1,098 million | $715 million | | Net Income per Diluted Share | $8.41 | $8.20 | $5.26 | - Total revenues for Q3 FY2025 were **$3.06 billion**, with GAAP net income of **$1.09 billion** and GAAP net income per diluted share of **$8.16**[2](index=2&type=chunk) - CEO Rick Wallace stated that results were above the midpoint of guidance and that the company has received no indications of demand changes from customers for calendar year 2025 despite global trade uncertainties[3](index=3&type=chunk) [Capital Returns Program](index=1&type=section&id=Capital%20Returns%20Program) The company enhanced its capital return program, increasing quarterly dividend by **11.8%** to **$1.90 per share** and authorizing **$5 billion** for repurchases - The Board of Directors approved an increase in the quarterly dividend level to **$1.90 per share** from **$1.70 per share**, marking the 16th consecutive annual increase[7](index=7&type=chunk) - An additional **$5 billion** has been authorized for share repurchases, supplementing the existing authorization which had approximately **$457 million** remaining as of March 31, 2025[7](index=7&type=chunk) - Total capital returns for Q3 FY2025 amounted to **$732.5 million**, and **$2.37 billion** for the last nine months[4](index=4&type=chunk) [Fourth Quarter Fiscal 2025 Guidance](index=1&type=section&id=Fourth%20Quarter%20Fiscal%202025%20Guidance) Q4 FY2025 Guidance | Metric | Guidance Range | | :--- | :--- | | Total Revenues | $3.075 billion +/- $150 million | | GAAP Gross Margin | 61.7% +/- 1.0% | | Non-GAAP Gross Margin | 63.0% +/- 1.0% | | GAAP Diluted EPS | $8.28 +/- $0.78 | | Non-GAAP Diluted EPS | $8.53 +/- $0.78 | [Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) [Statements of Operations](index=5&type=section&id=Statements%20of%20Operations) Q3 FY225 total revenues grew **30%** year-over-year to **$3.06 billion**, with net income increasing **81%** to **$1.09 billion** Statement of Operations Highlights (Three Months Ended March 31) | (In thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Total revenues** | **$3,063,029** | **$2,359,830** | | Product Revenue | $2,393,821 | $1,769,369 | | Service Revenue | $669,208 | $590,461 | | Costs of revenues | $1,175,689 | $993,885 | | R&D | $338,043 | $321,590 | | **Net income** | **$1,088,416** | **$601,541** | | **Diluted EPS** | **$8.16** | **$4.43** | [Balance Sheets](index=4&type=section&id=Balance%20Sheets) As of March 31, 2025, total assets were **$15.19 billion**, liabilities **$11.18 billion**, and equity **$4.00 billion** Balance Sheet Summary | (In thousands) | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,858,022 | $1,977,129 | | Marketable securities | $2,170,600 | $2,526,866 | | **Total assets** | **$15,188,307** | **$15,433,566** | | Total current liabilities | $3,909,929 | $4,660,774 | | Long-term debt | $5,883,322 | $5,880,199 | | **Total liabilities** | **$11,183,568** | **$12,065,238** | | **Total stockholders' equity** | **$4,004,739** | **$3,368,328** | [Statements of Cash Flows](index=6&type=section&id=Statements%20of%20Cash%20Flows) Operating cash flow reached **$1.07 billion**, free cash flow **$990 million**, with **$735 million** used in financing activities Cash Flow Summary (Three Months Ended March 31) | (In thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,072,159 | $909,978 | | Net cash used in investing activities | ($319,803) | ($858,046) | | Net cash provided by (used in) financing activities | ($735,199) | $138,924 | | Net increase in cash and cash equivalents | $19,744 | $183,113 | - Key uses of cash in financing activities for Q3 FY2025 included **$506.7 million** for common stock repurchases and **$225.8 million** for dividend payments[16](index=16&type=chunk) [Supplemental Financial Information (Unaudited)](index=7&type=section&id=Supplemental%20Financial%20Information%20(Unaudited)) [Segment Information](index=7&type=section&id=Segment%20Information) Semiconductor Process Control drove Q3 FY2025 revenue to **$2.74 billion**, a **30.7%** increase, with all segments growing Segment Revenues (Three Months Ended March 31) | (In thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Semiconductor Process Control | $2,738,817 | $2,096,005 | | Specialty Semiconductor Process | $156,500 | $130,649 | | PCB and Component Inspection | $168,552 | $133,399 | | **Total revenues for reportable segments** | **$3,063,869** | **$2,360,053** | [GAAP to Non-GAAP Reconciliation](index=7&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation) Q3 FY2025 non-GAAP net income was **$1.12 billion** (**$8.41** diluted EPS), adjusted from GAAP **$1.09 billion** (**$8.16** diluted EPS) Q3 FY2025 GAAP to Non-GAAP Net Income Reconciliation | (In thousands) | Amount (in thousands) | | :--- | :--- | | GAAP net income | $1,088,416 | | Acquisition-related charges | $53,663 | | Income tax effect of non-GAAP adjustments | ($18,306) | | Discrete tax items | ($3,113) | | **Non-GAAP net income** | **$1,120,660** | - The company provides reconciliations for its Q4 FY2025 guidance, bridging GAAP EPS to non-GAAP EPS and GAAP Gross Margin to non-GAAP Gross Margin[22](index=22&type=chunk)[23](index=23&type=chunk) - Non-GAAP adjustments exclude items not indicative of core operating results, such as amortization of intangible assets, restructuring costs, and certain impairment charges, to enhance comparability[24](index=24&type=chunk) [Free Cash Flow and Capital Returns](index=8&type=section&id=Free%20Cash%20Flow%20and%20Capital%20Returns) Free cash flow for Q3 FY2025 was **$990 million**, with **$732.5 million** returned to shareholders via dividends and repurchases Free Cash Flow and Capital Returns (Three Months Ended March 31) | (In thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Free cash flow** | **$990,024** | **$838,185** | | Payments of dividends | $225,774 | $197,154 | | Common stock repurchases | $506,745 | $372,251 | | **Capital returns** | **$732,519** | **$569,405** |

Q3 Fiscal 2025 Earnings Quarter Ended March 31, 2025 • Reported April 30, 2025 These forward-looking statements are based on current information and expectations and involve a number of risks and uncertainties. Actual results may differ materially from those projected in such statements due to various factors, including but not limited to: the impact of tariffs on our business; our vulnerability to a weakening in the condition of the financial markets and the global economy; risks related to our internation ...

Core Insights - KLA Corporation reported strong financial results for Q3 FY 2025, with GAAP net income of $1.09 billion and revenues of $3.06 billion, exceeding guidance expectations [1][9] - The company remains optimistic about demand in the semiconductor manufacturing sector despite global trade uncertainties, highlighting its relevance in AI investments [2][8] - KLA announced a quarterly dividend increase to $1.90 per share and authorized an additional $5 billion for stock repurchases, reflecting confidence in long-term value [6][9] Financial Performance - Total revenues for Q3 FY 2025 were $3,063 million, compared to $3,077 million in Q2 FY 2025 and $2,360 million in Q3 FY 2024 [3] - GAAP net income increased to $1,088 million from $825 million in Q2 FY 2025 and $602 million in Q3 FY 2024 [3] - Non-GAAP net income for Q3 FY 2025 was $1,121 million, with a diluted EPS of $8.41, up from $8.20 in Q2 FY 2025 and $5.26 in Q3 FY 2024 [4] Segment Performance - Semiconductor Process Control segment generated revenues of $2,738,817 thousand in Q3 FY 2025, up from $2,096,005 thousand in Q3 FY 2024 [17] - Specialty Semiconductor Process and PCB and Component Inspection segments also showed growth, contributing $156,500 thousand and $168,552 thousand respectively in Q3 FY 2025 [17] Cash Flow and Capital Returns - Cash flow from operating activities for Q3 FY 2025 was $1.07 billion, with free cash flow of $990 million [9][18] - Capital returns for the quarter totaled $732.5 million, including dividends and stock repurchases [9][18] Guidance for Q4 FY 2025 - KLA expects total revenues for Q4 FY 2025 to be in the range of $3.075 billion +/- $150 million, with GAAP gross margin projected at 61.7% +/- 1.0% [10][19]

KLA Corporation (KLAC) is set to report its third-quarter fiscal 2025 results on April 30.For the third quarter of fiscal 2025, KLAC expects revenues of $3 billion, plus/minus $150 million. The Zacks Consensus Estimate for revenues is pegged at $3.01 billion, indicating an increase of 27.36% from the year-ago quarter’s reported figure.KLA expects non-GAAP earnings of $8.05 per share, plus/minus 60 cents. The consensus mark for earnings is pegged at $8.06 per share, which has moved down by a penny over the p ...

来源：内容来自 businesskorea ，谢谢。 2025年1月，美国政府出台了一系列针对半导体行业的严格监管规定，重点加强了对先进半导体和 集成电路的审查措施。这些规定要求对先进芯片进行检查，确保由主要晶圆代工厂生产的芯片不会 流向中国等受制裁国家的企业。此举是美国为在持续的贸易摩擦和技术竞争中维护技术领导地位、 保障国家安全而采取的更广泛战略的一部分。 3月13日，三星电子向美国商务部工业与安全局（BIS）提交了一份意见函，表达了对这些监管规 定的担忧，认为此类规定"可能导致意想不到的后果并阻碍创新"。该函件主要针对《临时最终规 则》（IFR），呼吁放宽监管，并强调"明确术语和适用范围"的必要性。三星还提交了机密文件， 说明相关规定可能对其业务带来的影响。 在完成意见征集程序后，美国商务部预计将很快公布最终规则。相关各方正在等待这一公布，并希 望新的监管措施能在保障国家安全与促进行业增长和创新之间找到平衡。 韩国芯片，遭受冲击 特朗普政府于4月10日宣布新一轮关税，对钢铁等产品征收25%的关税，并计划将这些关税扩大到 半导体。预计此举将首先针对智能手机和个人电脑中使用的ICT芯片，可能会扰乱全球供应链 ...