Emulex sees 2Q better than expected

0
15

COSTA MESA, Calif. (AP) — Data-storage and network equipment maker Emulex Corp. said Monday that its second-quarter earnings would be above its earlier guidance as it recovered production after Thailand flooding and overcame supply issues.

Emulex shares gained 74 cents, or 10 percent, to $8.13 in after-hours trading following the announcement. They rose 4 cents to end regular trading at $7.39.

The company said that in the quarter ended Jan. 1, earnings adjusted to exclude one-time items would be 24 to 25 cents per share, and revenue would be $127 million to $128 million.

Analysts were expecting adjusted earnings of 17 cents per share on revenue of $124.1 million, according to a FactSet survey.

The company had previously forecast adjusted earnings of 17 to 20 cents per share on revenue of $121 million to $127 million.

Emulex plans to report results after the market closes Jan. 26.