QLogic Corp. (NASDAQ:QLGC) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 3.05%.
QLogic Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 50% to $0.17 in the quarter versus EPS of $0.34 in the year-earlier quarter.
Revenue: Rose 12.24% to $116.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: QLogic Corp. reported adjusted EPS income of $0.17 per share. By that measure, the company beat the mean analyst estimate of $0.15. It beat the average revenue estimate of $115.29 million.
Quoting Management: “We are very pleased with our financial performance in the March quarter. We delivered revenue of $116.9 million and non-GAAP income from continuing operations per diluted share of $0.17, both at the high end of our guidance range,” said Simon Biddiscombe, president and chief executive officer, QLogic. “Despite a challenging enterprise data center spending environment, we continue to believe that the investments we have made over the last couple of years position us well to deliver future growth and shareholder value.”
Key Stats (on next page)…
Revenue decreased 2.09% from $119.39 million in the previous quarter. EPS decreased 15% from $0.20 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.17 and has not changed. For the current year, the average estimate is a profit of $0.79, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)