S&P 500 (NYSE:SPY) component LSI Corporation (NYSE:LSI) reported net income above Wall Street’s expectations for the second quarter. LSI Corporation designs and markets complex storage and networking semiconductors and storage systems.
LSI Earnings Cheat Sheet for the Second Quarter
Results: Net income for LSI Corporation rose to $293.8 million (48 cents per share) vs. $7.4 million (one cent per share) in the same quarter a year earlier. This marks a substantial increase from the year earlier quarter.
Revenue: Fell rose 5.7% to $500.6 million from the year earlier quarter.
Actual vs. Wall St. Expectations: LSI reported adjusted net income of 13 cents per share. By that measure, the company beat the mean estimate of 8 cents per share. It beat the average revenue estimate of $482.3 million.
Quoting Management: “Our strong execution in the second quarter and guidance for the third quarter, which represents 10 percent sequential revenue growth at the mid-point, reflect share gains and program ramps at key customers across multiple businesses,” said Abhi Talwalkar, LSI president and CEO.”LSI is now entering an exciting new phase in our evolution. With our transformation complete, we are well positioned to drive above-market growth, generate greater profitability and increase shareholder value.”
The company beat estimates last quarter after being in line with expectations in the first quarter with net income of 8 cents per share.
Revenue has fallen in the past two quarters. In the first quarter, revenue declined 25.7% to $473.3 million from the year earlier quarter.
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).
(Source: Xignite Financials)