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.