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Emulex posts lower fiscal 2Q profit, sales flat

Thu, 01/21/2010 - 2:01pm
The Associated Press

Data storage equipment maker Emulex Corp. said Thursday its fiscal second-quarter net income fell as operating costs grew and revenue remained flat.

For the three months ended Dec. 27, the company earned $8.9 million, or 11 cents per share, down 15 percent from $10.5 million, or 13 cents per share, in the same period a year earlier. Adjusted earnings were 18 cents per share in the latest quarter.

Revenue was $108.3 million, compared with $108.7 million in the year-ago period.

Analysts, on average, were expecting a profit of 16 cents per share, excluding items, on sales of $104.1 million, according to a poll by Thomson Reuters. Analyst estimates typically exclude special items.

Earlier this month, Emulex reported preliminary income of 16 cents to 17 cents per share for the period, exceeding analysts' expectations at the time.

Operating expenses rose 9 percent to $61 million.

The company said demand for its products was strong during the quarter.

For the third quarter ending March 28, Emulex forecast earnings of 5 cents to 7 cents per share. Excluding items, it expects a profit of 16 cents to 18 cents per share. Analysts project earnings of 14 cents per share.

Emulex forecast revenue of $100 million to $103 million for the period. Analysts expect revenue of $100.3 million.

Shares dipped a penny to end Thursday's trading at $12.60.

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