UPDATE: Brocade Tops Q1 Views

reported stronger-than-expected earnings for the fiscal first quarter. The San Jose, California-based company reported quarterly earnings of $87 million, or $0.20 per share, up from $81 million, or $0.18 per share, in the year-ago quarter. Excluding one-time items, the company earned $0.27 per share, beating analysts' expectations of $0.24 per share. Its revenue rose 2% y/y to $576.2 million, versus analysts' estimates of $569.75 million. EBITDA slipped to $159 million from $160 million in the year-ago period. Non-GAAP operating margin widened to 28.5% in the latest quarter, versus 27.9% in the year-ago period, while non-GAAP gross margin rose to 68.4% from 67.7%. "We delivered double-digit revenue growth in IP Networking year-over-year and one of the strongest SAN quarters in company history, resulting in increased profitability," said Lloyd Carney, CEO of Brocade. For the second quarter, Brocade expects adjusted operating margin of 21% to 23%. Brocade shares gained 0.16% to $12.60 in after-hours trading.