Market Overview

Xyratex Flying Higher on Q2 Earnings


Xyratex (NASDAQ: XRTX) released its second-quarter earnings results after the closing bell on Thursday. The data storage provider reported net income of $7 million or $0.24 per share, compared to a net loss of $4.6 million or $0.15 per share, in the year ago period.

On an adjusted basis, which is comparable to analysts' estimates, the company reported earnings of $9.3 million or $0.32 per share, versus an adjusted loss of $1.9 million or $0.06 per share in last year's second-quarter. Xyratex's second-quarter 2012 earnings per share beat the Wall Street consensus EPS estimate of $0.29.

For the quarter, Xyratex's profit margins rose from 12.9 percent to 16.5 percent. In addition, revenues came in at $322 million compared to $338.5 million last year. This missed analysts' consensus of $327.03 million.

Looking ahead to the third-quarter, Xyratex management expects adjusted EPS between $0.39 and $0.77. Management also expects third-quarter revenues to fall between $313 million to $373 million. These management expectations compare to analysts' third-quarter consensus estimates for EPS of $0.47 on revenues of $350.05 million.

During Friday's trading session, shares of Xyratex have jumped more than 13 percent to around $13.26.

Posted-In: Earnings News Guidance Intraday Update Movers Best of Benzinga


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