Emulex Guides Lower

Emulex(ELX Quote - Cramer on ELX - Stock Picks) on Thursday said that growth in its host-bus adapter sector boosted second-quarter revenue 20% from the same period last year.

But lower guidance and a penny EPS miss sent shares falling $1.11, or 5.3%, to $19.80 in recent after-hours trade.

The storage network component maker earned $17.2 million, or 28 cents a share, for the quarter ended Jan. 1, 2006, compared with $14.2 million, or 21 cents a share, last year.

Revenue rose 20% to $110.3 million from $91.7 million in the year-ago quarter, a bit lower than consensus estimates of $110.9 million of analysts polled by Thomson First Call and a penny short of their EPS forecast.

Costa Mesa, Calif.-based Emulex forecast revenue between $106 million to $108 million and non-GAAP earnings of 27 cents to 28 cents a share for its current quarter, and GAAP EPS of 17 cents to 18 cents.

The Wall Street consensus estimates are for third-quarter non-GAAP earnings of 28 cents a share on sales of $111.9 million.

Shares closed the regular session up 46 cents to $20.91.