beat its financial targets for the first quarter and issued strong expectations for the second quarter due to demand for its chips used in DVD recorders, digital audio products and video game products.
The Milpitas, Calif.-based company said it should be able to sustain profitability going forward. Shares edged up to $5.63 in late trading after closing the regular session up 3.4% to $5.45.
LSI reported first-quarter earnings of $5 million, or 1 cent a share, on sales of $450 million. During the same quarter last year, LSI earned $9 million, or 1 cent a share, on sales of $452 million.
Excluding charges, LSI earned 6 cents a share. Analysts had expected earnings excluding charges of 4 cents a share and sales of $427 million, on average, according to Thomson First Call.
For the second quarter, LSI expects earnings of 1 cent to 3 cents a share and sales of $450 million to $465 million. Excluding charges, LSI expects to earn 5 to 7 cents a share.
Analysts had predicted earnings excluding charges of 6 cents a share and sales of $437 million.