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  • data_analyst_dude data_analyst_dude Oct 24, 2012 5:01 PM Flag

    Who is this Tess Stynes reporting LSI corps earnings all wrong???

    LSI 3rd-Quarter Profit Rose 35% on Stronger Revenue, Margins; 4th-Quarter View Tops Estimates; Shares Up

    Oct 24, 2012 16:45:16 (ET)

    By Tess Stynes

    LSI Corp.'s (LSI) third-quarter earnings rose 35% as the company reported strong revenue growth and improved margins.

    Shares rose 7% to $38.68 in after-hours trading as revenue topped expectations and the company gave a fourth-quarter outlook that beat analysts' estimates.

    For the current quarter, the company forecast per-share earnings of 11 cents to 17 cents on revenue of $570 million to $610 million. Analysts polled by Thomson Reuters most recently expected 18 cents and $648 million, respectively.

    LSI has gone through a transformation in recent years, moving away from its diverse offerings and manufacturing operations to focus on providing chips for networking and storage, including hard-disk drives.

    LSI also has aimed to to strengthen its presence in the fast-growing market for flash-storage processors, including its roughly $322 million acquisition of privately held SandForce Inc. early this year.

    LSI reported a profit of $39.7 million, or seven cents a share, up from $29.3 million, or five cents a share, a year earlier. Excluding acquisition- and restructuring-related charges and other items, earnings from continuing operations were up at 17 cents from 14 cents.

    Revenue increased 14% to $624 million.

    LSI in July forecast per-share earnings of 14 cents to 20 cents on revenue of $620 million to $660 million.

    Gross margin rose to 50.1% from 48.2%.

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