|
LSI sees Q2 results in line with consensus
Reuters Story - June 10, 1997 21:57
%US %RESF %ELI %FCAST LSI CS INTC SEG V%REUTER P%RTR
PALO ALTO, Calif., June 10 (Reuter) - LSI Logic Corp said it
expects second quarter results to be in line with Wall Street's
consensus.
"We anticipate LSI Logic's second quarter financial results
will be in line with second quarter consensus estimates," chief
financial officer Doug Norby said in a statement to the New York
Stock Exchange.
"Moreover, we expect sequential revenue growth in the third
quarter," the statement added.
The statement was released to the media after the market
close late on Tuesday.
Earlier, LSI shares plunged 13 percent amid concerns that
the computer chip maker's revenue growth could be less than
expected in the September quarter.
Stock in LSI, based in Milpitas, Calif., fell $5-1/8 to $34
on New York Stock Exchange trading of 8.72 million shares,
making it the second-most active issue on the Big Board.
In after-hours trade it edged down another 1/4 point to
33-2/4, dealers said.
Norby's statement came after after an analyst at San
Francisco-based investment bank Montgomery Securities wrote in a
research report that the company was "being cautious regarding
prospects."
"We still expect LSI to deliver growth in the third quarter,
but it may be lower than our prior expectations of a nine
percent increase from (the June quarter)," analyst Clark
Westmont said in the report.
LSI books its orders from customers a few months in advance,
so its backlog should be in place by now, Westmont said.
He said he will keep earnings forecasts for the September
quarter unchanged until June quarter results are released.
Earlier in the day, Robert Sison, LSI's manager of investor
relations, had said the company had not released any new
information and that company executives were not available for
further comment due to business meetings abroad.
LSI's major customers include Cabletron Systems Inc ,
Intel Corp and Seagate Technology Inc -- all of
which have warned in recent days that they face a
slower-than-expected second quarter.
|
