UPDATE: Xyratex Posts Downbeat FQ3 Profit, Expects FQ4 Loss

Xyratex Ltd

reported a drop in its fiscal third quarter net earnings. Xyratex's quarterly earnings declined to $7.7 million, or $0.28 per share, from $9.7 million, or $0.32 per share, in the year-earlier period. Its adjusted earnings came in at $0.37 per share. Its revenue fell to $275.7 million from $361.8 million. However, analysts were expecting earnings of $0.44 per share on revenue of $316.3 million. Xyratex projects a FQ4 adjusted loss of $0.15 to $0.43 per share on revenue of $235 million to $285 million. Xyratex shares tumbled 13.79% to $7.50 in after-hours trading.