Thanks, I hope some climbed on, looks to be strong outlook.
March 12, 2009, 5:28 pm
STEC Soars On Stronger-Than-Expected Q1 Guidance
Posted by Eric Savitz
STEC (STEC) shares are sharply higher in late trading on stronger-than-expected Q1 revenue and profit guidance.
For Q4, the memory products company posted revenue of $56.9 million, a bit ahead of the Street at $56.5 million, and up 7.4% from the year-earlier quarter. Non-GAAP profits of 7 cents a share were a penny light of expectations.
However, the company said that it is seeing strong demand for its ZeusIOP line of solid-state drives. STEC said sales from the line totaled $53 million in 2008, exceeding its target of $50 million. And the company said it will top the 2008 level this year by the end of the first half.
For Q1, STEC expects total revenue of $58 million to $60 million, with non-GAAP profits of 10-12 cents a share; the Street had been expecting $45.9 million and 5 cents.
In late trading, STEC is up $1.08, or 17.2%, to $7.28. |
