LSI Corp Earnings Cheat Sheet: Market Share Gains Push Shares Higher

S&P 500 (NYSE:SPY) component LSI Corporation (NYSE:LSI) posted a decrease in profit. LSI Corporation designs and markets complex storage and networking semiconductors and storage systems.

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LSI Earnings Cheat Sheet for the First Quarter

Results: Net income for LSI Corporation fell to $10.2 million (2 cents/share) vs. $22.5 million (3 cents/share) a year earlier. A decline of 54.9% from the year earlier quarter.

Revenue: Rose 0.1% to $473.3 million YoY.

Actual vs. Wall St. Expectations: LSI‘s adjusted income of 13 cents per share beat the mean analyst estimate of 10 cents/share. Estimates ranged from 9 cents per share to 11 cents per share.

Quoting Management: “Our first quarter revenues were strong, bolstered by market share gains with key hard disk drive system-on-chip customers that partially offset normal seasonal patterns,” said Abhi Talwalkar, LSI president and chief executive officer. “I’m also pleased with our execution in the quarter, which contributed to both solid gross margin performance and effective operating expense control. We’re now well positioned to achieve our current business model and to establish a new, richer business model as we transition to becoming a leading, pure-play provider of semiconductors that enable growing storage and networking applications.”

Key Stats: A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the first quarter of the last fiscal year, which saw revenue rise 32.1%.

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).

Today’s Performance: Shares of LSI are trading at $7.10 as of April 27, 2011 at 5:17 PM ET, down 2.9% from the previous closing price of $6.93.

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