EMLX ($101 jump/sell)Beats Expectations, Raises Guidance
By TSC Staff
1/18/01 7:39 PM ET
Emulex (EMLX:Nasdaq - news) reported second-quarter earnings that easily surpassed analysts' expectations, as revenue more than doubled from the same period a year ago.
The company, a maker of fiber channel adaptors, said second-quarter earnings rose to $19.4 million, or 25 cents a share, from $8.8 million, or 11 cents a share, in the year-ago period. Analysts expected the company to earn 18 cents a share, according to First Call/Thomson Financial.
Revenue rose to $71.1 million from $33.6 million a year ago. Emulex believes that total revenue could reach as much as $80 million in the third quarter ending in March, and $295 million for the fiscal year ending in June. Assuming the pending acquisition of Giganet closes by March, the company thinks it can achieve earnings of about 23 cents a share in the third fiscal quarter, up from its prior forecast of 19 cents.
The company also projected earnings of up to 85 cents for fiscal 2001, up from its December forecast of 74 cents. For fiscal 2002, Emulex believes it can reach earnings of up to $1.10 a share, up from its original projection of $1. According to First Call, analysts expect the company to earn 19 cents in the third quarter and 74 cents for fiscal 2001.
Emulex closed the Nasdaq regular session at $97.13, but traded up to $108.50 on Island after hours. |
