QLogic: Fiscal 3Q16 Financial Results

(in $ million)	3Q15	3Q16	9 mo. 16	9 mo. 16
Revenues	140.2	122.7	387.2	339.5
*Growth*		-13%		*-12%*
Net income (loss)	22.4	23.4	39.4	28.2

QLogic Corp. announced its third quarter financial results for the period ended December 27, 2015.

Net revenue for the third quarter of fiscal 2016 was $122.7 million compared to $140.2 million in the same quarter last year.

Revenue from Advanced Connectivity Platforms was $112.5 million during the third quarter of fiscal 2016 compared to $124.7 million in the same quarter last year.

Revenue components
Net income on a GAAP basis for the third quarter of fiscal 2016 was $23.4 million, or $0.28 per diluted share, compared to $22.4 million, or $0.25 per diluted share, for the third quarter of fiscal 2015. Net income on a non-GAAP basis for the third quarter of fiscal 2016 was $28.0 million, or $0.33 per diluted share, compared to $31.6 million, or $0.36 per diluted share, for the third quarter of fiscal 2015.

“I am very pleased with our financial performance and execution during the third quarter. We delivered both revenue and non-GAAP earnings per diluted share above the high end of our guidance range,” said Jean Hu, CFO and acting CEO. “We believe that as we execute on our strategy to focus on providing differentiated solutions for both FC and Ethernet connectivity platforms across enterprise and cloud data centers, we will be well positioned to deliver earnings growth and enhanced shareholder value.”

QLogic expects to achieve net revenue in the range of $113 – $119 million for the fourth quarter of fiscal 2016.

The company is forecasting fourth quarter non-GAAP earnings per diluted share of $0.23 – $0.27. QLogic estimates that GAAP earnings per diluted share will be lower than non-GAAP earnings per diluted share by $0.07 – $0.09 per share in the fourth quarter of fiscal 2016.

To read the earnings call transcript