Brocade Communications Systems Rises 3% After Q4 Results

is up more than three percent after reporting the firm's fourth quarter results. The company's Q4 EPS came in at $0.24 versus the Street estimate of $0.18, beating by $0.06. Earnings per share were up 41 percent from the year-ago period. "Q4 was a quarter in which we executed successfully across many facets of our business strategy," Lloyd Carney, CEO of Brocade, said in a

. "We exceeded expectations for non-GAAP operating margin, non-GAAP EPS, and cash flow despite the U.S. Federal budget issues and continued softness in the overall storage market. "This resulted in record non-GAAP net income and non-GAAP EPS for both Q4 and fiscal 2013. Our solid performance in our fourth quarter was a great end to a transformative year for Brocade. I am pleased with the focus and execution of our team and excited about building upon our success in fiscal year 2014 and beyond." Brocade Communications Systems expects to report a first quarter EPS between $0.19 and $0.21 versus Street estimate that's right in the middle at $0.20. The company believes that its first quarter sales will be between $540 million and $560 million versus the Street estimate of $560 million. Disclosure: