Emulex posts $15.7M 4Q loss but beats Street
Data storage equipment maker Emulex Corp. on Thursday posted a widened loss of $15.7 million for its fiscal fourth quarter and said first-quarter results will come in below Wall Street's expectations.
Its results for the just-completed quarter beat analysts' estimates thanks to a 20 percent jump in revenue, lifted by strong sales at its core host server products business. But Emulex shares sank after the report was released.
The net loss for the three months ended July 3 amounted to 18 cents a share and compared with a loss of $2.5 million, or 3 cents a share, in the same quarter of 2010.
Excluding certain items, it said earnings amounted to 16 cents per share. Revenue was $123.4 million, up from $103.1 million.
Analysts surveyed by FactSet had expected operating earnings of 10 cents per share on revenue of $119.7 million.
Emulex said it expects first-quarter adjusted earnings of 10 cents to 12 cents per share on revenue of $114 million to $118 million.
Analysts had forecast adjusted earnings of 14 cents per share on revenue of $124.9 million.
Shares in the company declined 50 cents, or 7 percent, to $6.75 in extended-hours trading following the release of the earnings report. During the regular session, shares had advanced 44 cents, or 6.5 percent, to $7.25.