Solid Quarterly Results, revenue and margins certainly improving with, most importantly, a cautious but slightly optimistic outlook:
"Fiscal fourth-quarter profit rose 60 percent as it gained market share from rivals and sold more gear based on the high-speed Fibre Channel standard.
The Aliso Viejo, California-based company forecast earnings for the current quarter in the range expected by Wall Street as sales rose 2 percent to 5 percent from the fourth quarter.
QLogic reported fourth-quarter net profit of $29.9 million, or 31 cents a share, compared with net income of $18.7 million, or 20 cents a share, a year earlier.
Revenues in the quarter ended March 30 rose to $120.6 million from $92.3 million a year earlier.
QLogic posted earnings before items of 33 cents a share, compared with earnings excluding charges of 22 cents a share a year earlier. Analysts had on average expected the rival of Adaptec Inc. (ADPT) , Brocade Communications Systems Inc. (BRCD) and Emulex Corp. (ELX) to post earnings before items of 30 cents a share and revenues of $118.5 million.
QLogic said it expected earnings per share, excluding charges, to be in a range of 30 cents to 34 cents in the June-ended quarter. Analysts had forecast June-quarter earnings before items in a range of 29 cents to 34 cents per share."
If the market cooperates a little, this stock may see 45 in the next week or so. If 45 can be taken out, I say we make a run at 50 once again. Company fundamentals are improving, now if we can get the national cap expenditure spending to cooperate.
Paul |
