Emulex Reports Profits Rose Sharply
Handily surpassing analysts’ expectations, Costa Mesa-based Emulex Corp. on Thursday posted a spectacular gain in net income for the fiscal second quarter as revenue more than doubled.
The company, which develops high-speed computer networking products, said net income for the three months ended Dec. 26 climbed to $8.8 million, or 23 cents a share, from $440,000, or 2 cents a share, a year earlier. Analysts had estimated earnings of 13 to 14 cents a share.
Emulex continued to benefit from growing demand for technology that clears up bottlenecks in computer networks, increasing the ability to move and store data.
Revenue surged to a record $33.6 million from $15.7 million.
Emulex disclosed its banner quarter a day after its main competitor and neighbor, QLogic Corp., posted strong quarterly results. Emulex spun off QLogic in 1994.
Emulex released its results after U.S. markets closed. The shares rose $6.13, to $137.13. QLogic shares moved up $8, to $177.13.
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