SSTI up .74 or 11.78% AH....Earnings to beat estimates!!
Silicon Storage says Q3 earnings to beat estimates
NEW YORK, Oct 10 (Reuters) - Silicon Storage Technology Inc. (NasdaqNM:SSTI - news), which makes memory products for computers, said on Wednesday its third-quarter earnings would beat Wall Street expectations but said it would take a charge for excess inventory.
Sunnyvale, California-based Silicon Storage said it expected to post a third-quarter pro forma profit, excluding items, of between 1 cent and 2 cents a share, on revenues in the range of $73 million to $77 million.
In addition, the company said it will take a charge in the third quarter of between $40 million and $45 million relating to excess inventory.
Four analysts, on average, were expecting Silicon Storage to post a loss of 1 cent a share, with a range of break even to a loss of 2 cents a share. Revenues were anticipated in the range of $59 million to $62 million, with a consensus estimate of $60.33 million, according to First Call.
In July, Silicon Storage said it expected third-quarter revenues of $60 million to $70 million and earnings per share ranging from a net loss of 2 cents to a net profit of 2 cents.
Shares of Silicon Storage closed the regular session up 10.56 percent, or 60 cents, at $6.28. |
