Emulex Lifts Q1 Outlook; Shares Up - Quick Facts

(RTTNews) - Emulex Corp. (ELX) said Tuesday that it raised its first-quarter ended September 29, 2013 guidance, due to stronger than expected top line performance as well as tighter operational control.

On a GAAP basis, the company expects to report a loss of about $0.05-$0.06 per share for the first-quarter, compared to the prior projected loss of $0.05-$0.07 per share.

The company raised its first-quarter non-GAAP earnings guidance to a range of $0.12-$0.13 per share, from the prior projection of $0.09-$0.11 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $0.10 per share for the first-quarter. Analysts' estimates typically exclude special items.

It expects to report revenues of about $113 million - $114 million for the first quarter, compared to prior outlook of $109 million - $111 million. Eleven analysts estimate revenues of $111.60 million for the quarter.

President and CEO Jeff Benck said, "I'm pleased to announce that we were able to exceed the high end of both our revenue and earnings objectives, providing a solid start to the new fiscal year. We were able to achieve these results by delivering stronger than expected top line performance as well as tighter operational control."

The company expects to announce its final first quarter results on October 30, 2013. In the pre-market trade, ELX is currently trading at $8.40, up $0.57 or 7.28%.