QLogic Beats Earnings Estimates

Fourth-quarter sales grow 17%.
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Updated from 5:12 p.m. EDT

QLogic

(QLGC)

boosted fourth-quarter sales by 17% to a record $130.5 million and beat Wall Street's earnings expectations.

In recent after-hours trading on Instinet, shares were up 31 cents, or 1.5%, to $20.89.

The maker of adapters and switches for storage networks said late Wednesday that earnings fell to $32.5 million, or 20 cents a share, from $46.2 million, or 25 cents a share, a year earlier.

On a continuing operations basis, QLogic earned $31.4 million, or 19 cents a share, in the latest quarter. Excluding items, the company earned $34.5 million, or 21 cents a share, from continuing operations. On that basis, analysts polled by Thomson First Call were looking for a profit of 18 cents a share on sales of $127.9 million.

The difference between GAAP and non-GAAP results is attributable to charges related to the sale of the company's controller business earlier in the fiscal year, the company said.

Looking to the first quarter, the company said it expects to earn a profit ranging from 19 cents a share to 21 cents a share on sales of $133 million to $136 million. Analysts were forecasting a profit of 20 cents on sales of $132 million.