Emulex Corp. Puts Q1 Rev Above Views; Shares Sharply Higher

Emulex Corp.

shares opened sharply higher Wednesday after the company said results for the period ended Sept. 30 were higher than expected. The Costa Mesa, Calif.-based chip maker expects fiscal first-quarter revenue of between $102 million to $104 million, up from its earlier forecast of between $93 million to $99 million. Wall Street expects profits of $0.08 cents a share on revenue of $96.4 million when the company posts results Oct. 30. Chief Executive Jeffrey W. Benck, said the quarter showed "solid performance across multiple product lines." Although the company continues "to manage through some transitions," Benck said the company is well positioned for future quarters. Emulex traded recently up 3 percent at $4.61 after gaining more than 6 percent in pre-market activity.