Emulex Lifts Q2 Outlook; Stock Up

(RTTNews) - Emulex Corp. (ELX) said that it raised its outlook for the second quarter of fiscal 2015 ending December 28, 2014.

On a preliminary basis, the Company currently anticipates revenue to be in a range of $110 million to $111 million, with non-GAAP earnings between $0.23 and $0.24 per share and GAAP earnings between $0.04 and $0.05 per share for the second-quarter. Analysts polled by Thomson Reuters expect the company to report evenues of $105.73 million for the second-quarter. Analysts' estimates typically exclude special items.

Emulex had previously projected revenue within a range of $102 million to $108 million, with non-GAAP earnings between $0.14 and $0.18 per share and GAAP earnings between $0.00 per share and a loss of $0.04 per share for the second-quarter.

"Emulex finished calendar year 2014 in a much stronger position led by a resilient Fibre Channel sector and benefiting from solid execution and customers' embrace of our current product cycles," said Jeff Benck, president and chief executive officer (CEO), Emulex.

Jeff Benck also said, "We look forward to building on this foundation as the broad slate of OEM qualifications of our 10Gb Ethernet products designed for next generation x86 servers ramp in the market over the next year."

ELX closed Monday's trading at $5.80. In Tuesday's pre-market trading, the company's shares are up $0.78 or 13.43% to $6.59.