LSI Q2 Profit Down, Tops View

(RTTNews) - Semiconductor company LSI Corp. (LSI) Wednesday reported second-quarter net income of $24.6 million or $0.04 per share, compared to $58.7 million or $0.10 per share last year.

Adjusted net income for the quarter was $83.9 million or $0.15 per share, up from $120.5 million or $0.21 per share last year. Analyst polled by Thomson Reuters expected earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter dropped to $589.6 million from $659.6 million a year ago. Analysts estimated revenues of $580.71 million for the quarter.

Looking forward to the third quarter, the company expects earnings of $0.01 to $0.11 per share, adjusted earnings of $0.13 to $0.19 per share and revenues of $590 million to $630 million. Analysts currently estimate earnings of $0.16 per share on revenues of $616.94 million for the quarter.