Brocade results top expectations
By Chris Kraeuter, CBS.MarketWatch.com
Last Update: 4:43 PM ET Feb 21, 2001 NewsWatch
SAN JOSE, Calif. (CBS.MW) -- Brocade reported first-quarter net income that grew more than threefold and revenue that nearly tripled.
"This is a string of back-to-back quarters where Brocade has delivered on our guidance to shareholders," CEO and President Greg Reyes told CBS.Marketwatch.com.
"It was a strong quarter in terms of bottom- and top-line performance and, for the most part, this is a quarter that is very much inline with expectations," said Reyes, who declined to detail expectations for future growth ahead of the company's conference call Wednesday evening.
The first quarter
Brocade Communications Systems reported first-quarter net income of $32.5 million, or 13 cents a share, compared with $7.3 million, or 3 cents a share, during the same quarter last year.
Analysts surveyed by First Call/Thomson Financial expected earnings of 12 cents a share and revenue of $162.4 million, on average.
Actual revenue was $165 million compared with $42.7 million during the same quarter last year.
Brocade makes fiber channel switches and software for storage area networks.
Brocade (BRCD: news, msgs) shares closed down 19 cents at $44.69. |
