Shares of Aliso Viejo’s QLogic Corp., a maker of electronics for data storage networks, rose Thursday after the company’s December quarter profits trounced Wall Street’s expectations.
Investors sent shares up more than 3% in afterhours trading on a recent market value of nearly $2 billion.
Excluding charges for write-downs on assets, tax credits and other onetime costs, the company posted profits of $57 million, up 58% from a year earlier and beating analysts’ expectations of $50 million in profits.
QLogic reported sales of $156 million, up 4% from a year earlier and in line with expectations.
For the current quarter, analysts are expecting QLogic to see profits of $36 million, up about 20% from a year earlier, on sales of $148 million, up 2% from a year ago.
The company didn’t give an outlook for the March quarter.
QLogic is the top rival of Costa Mesa’s Emulex Corp. Both make electronics such as switches and adapter cards that speed up the flow of data on corporate storage networks.
