Emulex moves to fiscal 3rd-quarter profit
Emulex Corp., a data storage equipment maker, said Monday that it swung to a profit in its fiscal third quarter. But the company's forecast disappointed investors, sending shares down in after-hours trading.
Emulex shares fell $1.04, or 7.6 percent, to $12.62 in after-hours trading. The stock had finished regular trading up 35 cents, or 2.6 percent, at $13.66.
For the quarter ended March 28, Emulex earned $13.3 million, or 16 cents per share, compared with a loss of $6 million, or 7 cents per share, in the year-ago quarter.
Excluding one-time items, Emulex earned 30 cents per share, topping the company's guidance of 16 cents to 18 cents per share.
Analysts polled by Thomson Reuters, who typically exclude special items from their estimates, expected a profit of 16 cents per share.
Revenue rose 30 percent to $102.2 million. Analysts predicted revenue of $102.5 million.
For the current quarter, Emulex expects adjusted profit of 16 cents to 18 cents per share. Analysts expect profit 18 cents per share.
The company also forecast revenue of $100 to $103 million, which is lower than the $106.7 million analysts project.
Shares of Emulex have ranged from $7.94 to $14.34 over the past year.