LSI Corp Earnings Cheat Sheet: Exceeds Forecasts with Boost of Profit Rise

S&P 500 (NYSE:SPY) component LSI Corporation (NYSE:LSI) reported net income above Wall Street’s expectations for the third quarter. LSI designs and markets complex storage and networking semiconductors and storage systems.

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LSI Earnings Cheat Sheet for the Third Quarter

Results: Net income for LSI Corporation rose to $29.3 million (5 cents per share) vs. $23.4 million (4 cents per share) in the same quarter a year earlier. This marks a rise of 25.3% from the year earlier quarter.

Revenue: Rose to $546.9 million from the year earlier quarter.

Actual vs. Wall St. Expectations: LSI reported adjusted net income of 14 cents per share. By that measure, the company beat the mean estimate of 12 cents per share. Analysts were expecting revenue of $548.2 million.

Quoting Management: “Despite macro uncertainties, LSI delivered a strong quarter and is positioned to outgrow the markets we serve in both the near and longer term, based on our share gains and new product cycles across our businesses,” said Abhi Talwalkar, LSI president and CEO. “Further extending LSI’s growth opportunities, the acquisition of SandForce, announced earlier today, will move us into a leadership position in the rapidly growing market for flash-based solutions.”

Key Stats:

The company topped expectations last quarter after falling short of forecasts in the second quarter with net income of 7 cents versus a mean estimate of net income of 8 cents per share.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from 14 cents a share to 12 cents over the last sixty days. Over the past three months, the average estimate for the fiscal year has climbed from 37 cents per to share to 39 cents.

Competitors to Watch: Intel Corporation (NASDAQ:INTC), PMC-Sierra, Inc. (NASDAQ:PMCS), Texas Instruments Inc. (NYSE:TXN), Intl. Business Machines Corp. (NYSE:IBM), Silicon Laboratories (NASDAQ:SLAB), PLX Technology, Inc. (NASDAQ:PLXT), Oracle Corporation (NASDAQ:ORCL), Marvell Tech. Group Ltd. (NASDAQ:MRVL), Dell Inc. (NASDAQ:DELL), and Integrated Device Tech., Inc. (NASDAQ:IDTI).

Investing Insights: Here’s Why Chipotle’s Stock Keeps Winning.

(Source: Xignite Financials)