Emulex Corp. raised its financial guidance late Thursday, but didn’t get a boost on Wall Street Friday as sellers pushed the markets down.
The Costa Mesa-based maker of storage networking devices said it now expects to report sales of $100 million to $101 million in the quarter ended March 31, up about 11% from a previous forecast.
Emulex also said it expects to report adjusted net income of about $19 million, more than 76% higher than previously thought.
“During the third quarter, Emulex experienced a continuation of the broad strengthening of demand that occurred in the December quarter, resulting in record sales of our fibre channel solutions and delivering our first quarter that exceeded $100 million in revenue,” said Paul Folino, chairman and chief executive. “With revenue up more than 10% sequentially, we expect to report record net income and earnings in the March quarter.”
The company’s full earnings report is expected April 21.
AG Edwards upgraded Emulex shares from “neutral” to “buy” on Friday.
Shares of the company were down 0.5% to $18.9 on Friday. They’ve traded as low as $9.3 in the past year, with a high of $21.1.
Nasdaq was down 1% to 2,000 Friday.
