Some good news.
WIRE: 11/29/2001 3:30 pm ET
Brocade Shares Climb After Results
abcnews.go.com
SAN FRANCISCO (Reuters) - Shares of data storage networker Brocade Communications Systems Inc.<BRCD.O> rose about 7 percent on Thursday after quarterly results beat conservative estimates and analysts raised forecasts on hopes for Brocade's new generation of products.
Brocade stock rose $2.13 to $30.95 on the Nasdaq by midday, nearly making up the previous session's losses.
Goldman Sachs analyst Laura Conigliaro put Brocade, previously at "market perform", on Goldman's "recommended" list.
"The quarter was pretty strong given the current tough circumstances. At the same time, it really feels as if Brocade is building a great deal of momentum that shows now but will really show once the economy turns," she commented by email.
Brocade reported a fiscal fourth-quarter net loss of $53.7 million, or 24 cents per share, compared to earnings of $27.2 million, or 11 cents per diluted share, in the quarter a year ago.
However, pro forma earnings, not including one-time charges, were $10.9 million, or 5 cents per share, beating Wall Street's consensus by a penny, and the company forecast steady earnings. |
