Aliso Viejo-based QLogic Corp., a maker of data storage and networking products, saw profit fall by about 42% for the quarter ended April 1.
Shares fell about 4% in afterhours trading.
Profit declined to $18.4 million from $31.4 million a year earlier. The company cited charges and costs from acquisitions and stock compensation.
Excluding the expenses, QLogic posted a profit of about $35 million, slightly down from a year ago.
Analysts expected about $36.6 million in profit for the quarter.
Sales grew, but also fell short of Wall Street’s estimates.
Revenue came in at about $147 million, up 13% from a year ago. Analysts were looking for $151 million in sales.
For the 12 months through April 1, QLogic reported revenue of about $587 million, up 19% from $494.1 million a year earlier.
Profits including charges and costs from acquisitions and stock compensation were about $105 million for the 12 months.
Excluding charges, profit was $152 million for the year, up 22% from a year earlier.
A few weeks ago the company named Jeff Benck, a former IBM Corp. executive, president and chief operation officer.
He’s set to oversee the company’s day-to-day operations while chairman and Chief Executive H.K. Desai focuses on long-term strategy, according to the company.
For the current quarter, the company expects revenue of $140 million to $145 million. Profits are expected to come in at $30 million to $33.4 million.
