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QLogic Ups Profit Forecast, Sees Sales at High End of Expectations

Aliso Viejo-based networking electronics maker QLogic Corp. upped its profit forecast for the recently ended quarter.

QLogic, which makes switches, host bus adapters and other products that speed the flow of data on networks, said it expects a profit of $34.9 million to $36 million for the three months through September.

That’s up from an earlier forecast of $31.6 million to $34.9 million.

Strong sales and lower operating expenses drove the outlook, according to Chief Executive H.K. Desai.

The company expects sales of $146 million to $147 million, which would be up 2% to 3% from the prior quarter.

Earlier, QLogic forecast a broader revenue range of $143 million to $147 million.

Analysts on average have been expecting a quarterly profit of $33.8 million. They also expect QLogic sales of $145.6 million.

QLogic’s quarterly results are due Oct. 21.

The higher guidance didn’t impress Wall Street. QLogic’s shares closed down about 2% to a market value of $1.8 billion.

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