Costa Mesa-based networking electronics maker Emulex Corp. reported better than expected results for the recently ended quarter and offered an outlook for the current one that topped what Wall Street had been expecting.
For the three months through Dec. 27, Emulex reported an adjusted profit of $14.3 million, down 22% from a year earlier but topping the $13 million expected on average by analysts.
The company, which makes circuit boards that speed the flow of data on storage networks, saw sales of $108.3 million, flat from a year earlier and topping the $104 million expected by Wall Street.
“Demand was strong throughout the quarter,” Chief Executive Jim McCluney said.
For the current quarter, Emulex forecast an adjusted profit of $12.7 million to $14.3 million, topping the $11 million analysts had been expecting.
Sales are forecast at $100 million to $103 million, versus the $100 million analysts had been expecting.
“2010 looks to be an exciting year for Emulex,” McCluney said.
Despite the results and forecast, shares of Emulex were down about 3% in afterhours trading on a market value of about $1 billion.
