Aliso Viejo-based QLogic Corp., a maker of electronics that speed up the flow of data on corporate storage networks, on Wednesday boosted its profit outlook and narrowed its sales outlook for the December quarter.
Including a one-time tax benefit that added some $10 million to the bottom line, QLogic said it’s expecting to post profits of $50 million to $52 million.
That’s up from the company’s previous forecast of $36 million to $40 million and beating analysts’ expectation of $38 million in profits.
QLogic said it sees sales of $155 million to $156 million, up a bit from its previous forecast range of $148 million to $156 million in revenue.
At the midpoint, QLogic would see its sales rise 4% from a year ago and surpass analysts’ expected $153 million in sales.
“We are very pleased with our strong financial performance,” Chief Executive Simon Biddiscombe said. “Our strong operating performance is expected to include higher gross margin and lower operating expenses than the previously provided guidance.”
Investors seemed nonplussed by the rosy outlook.
The company’s shares were roughly flat in midday New York trading on a recent market value of $1.8 billion.
QLogic is set to report results on Jan. 27.
