QLGC ($36-41 zoom) P/E 58...In line rev's and earnings..
QLogic (QLGC) 36.08 -1.32: Reports Q2 (Sep) earnings of $0.19 per share, in line with the Multex consensus of $0.19; reports Q2 revenues of $81.7 mln vs the consensus of $81.9 mln; demand for Fibre Channel solutions grew sequentially during the second quarter, partially offsetting weakness in the SCSI business.
QLogic Q2 results reflect fiber channel growth
(UPDATE: updates with analysts' comments, paragraphs 5 and 6)
ALISO VIEJO, Calif., Oct 23 (Reuters) - QLogic Corp. (NasdaqNM:QLGC - news), a designer and supplier of storage area network equipment whose shares have been rebounding, on Tuesday met analysts' expectations for its fiscal second-quarter ended Sept. 30, a result of growth in its key market segment.
ADVERTISEMENT
QLogic said it posted $17.8 million in net income, or 19 cents per share on a diluted basis in its second quarter, a 26 percent drop from $24 million in net income, or 24 cents per share, in the year-ago period.
Analysts surveyed by Thomson Financial/First Call on average had expected the Aliso Viejo, California-based company to post earnings of 19 cents per share, with individual forecasts ranging from 16 cents to 21 cents a share.
The company said demand for fiber channel solutions, its key market segment, grew sequentially during the second quarter, partially offsetting weakness in other business lines.
``Fiber channel is now 70 percent of the business,'' said Shaw Wu, a research analyst with Banc of America Securities. ``That is up from 61 percent last quarter and 53 percent a year ago.''
``They have pulled it out so far,'' added Glen Ingalls, a principal with SoundView Technology Group. ``The company is trying to manage through difficult times and so far it looks like they are doing a pretty good job.''
QLogic shares closed on Tuesday at $36.08, down $1.32 or 3.5 percent for the day, but up 110 percent from a recent bottom of $17.21 on Sept. 21. |
