Brocade Beats Estimates

The company swings to a first-quarter profit.
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Shares of Brocade Communications (BRCD) climbed in late trading after the company beat first-quarter earnings estimates on a 4% rise in revenue.

The maker of networking storage and software said after the bell Wednesday that it swung to a first-quarter profit of $27.9 million, or 10 cents a share, from a loss of $68.8 million, or 27 cents a share. (The year-ago quarter contained several items related to the company's acquisition of Rhapsody Networks.)

Excluding items in both periods, net income rose to $28.3 million, or 10 cents a share, from $7.5 million, or 3 cents a share, a year earlier.

Revenue grew to $161.6 million from $155.6 million a year ago.

A Thomson First Call survey of analysts had produced an average estimate of 8 cents a share on revenue of $161.3 million.

After hours, Brocade shares climbed 2.9% to $6.30; they closed the regular session up 4 cents to $6.12.