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QLogic Beats by a Penny

Earnings from continuing operations surge, but revenue comes in shy of estimates.
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second-quarter earnings from continuing operations surged 20%, driven by strength in host bus adapters, switches and silicon infrastructure products.

The maker of hardware for use in storage networks posted earnings from continuing operations of $30.5 million, or 34 cents a share, for the quarter ended Oct. 2, up from $25.4 million, or 27 cents a share, a year earlier. The earnings per share beat Thomson First Call's average analyst estimate by a penny.

QLogic's overall net income, which includes its hard-disk drive controller and tape-drive controller business, rose to $43 million, or 48 cents a share, from $35.9 million, or 38 cents a share, a year earlier. The company agreed in August to

sell the hard-disk drive and tape-drive operations to

Marvell Technology

(MRVL) - Get Free Report

for roughly $225 million.

QLogic's second-quarter revenue grew to $119 million from $102.3 million a year earlier, but came in slightly short of analysts' forecast of $120 million.

"We are pleased with our record revenue performance from continuing operations, which was driven by a 21% growth in our SAN Infrastructure Products from the prior year quarter," said H.K. Desai, the company's chief executive and president, in a statement.

Shares of QLogic recently fell 3.7% in after-hours trading to $32.13, according to INET.