Emulex posts lower 2Q net income
COSTA MESA, Calif. (AP) — Data storage equipment maker Emulex Corp. said Thursday that its fiscal second-quarter net income and revenue fell, and it gave a forecast for the current quarter below Wall Street's expectations.
Shares fell in after-hours trading.
The company earned $5.6 million, or 6 cents per share, in the October-December period. That's down 63 percent from $15 million, or 17 cents per share, in the same period a year earlier. Excluding one-time items, earnings were 19 cents per share in the latest quarter.
Revenue fell 5 percent $122.1 million.
Analysts, on average, expected adjusted earnings of 20 cents per share on revenue of $121.9 million, according to FactSet.
For the current quarter Emulex forecast adjusted earnings of 12 to 14 cents per share on revenue of $110 million to $114 million,
Analysts estimated earnings of 16 cents per share on revenue of $118 million.
Shares of Emulex dropped 31 cents, or 4.1 percent, to $7.33 in after-hours trading. The stock closed up 20 cents, or 2.7 percent, at $7.64.