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Emulex Corp. (NYSE:ELX) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. Investors are disappointed by the earnings miss, as shares are down 4.84%.
Emulex Corp. Earnings Cheat Sheet
Results: Net income increased 14.74% to $17.2 million (19 cents per diluted share) in the quarter versus a net gain of $14.99 million in the year-earlier quarter.
Revenue: Decreased 5.11% to $122.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Emulex Corp. reported adjusted net income of 19 cents per share. By that measure, the company missed the mean analyst estimate of $0.20. It beat the average revenue estimate of $121.86 million.
Quoting Management: CEO Jim McCluney commented, “I’m pleased with the solid execution we were able to deliver for the second quarter, once again meeting both our top line revenue and our earnings goals. In addition to achieving our quarterly revenue and earnings objectives, we also strengthened our balance sheet, exiting the quarter with over $211 million in available cash and investments…
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