Delivers net revenue of $122.7 million, up 19% sequentially
QLogic 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.
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 & acting CEO, QLogic. “We believe that as we execute on our strategy to focus on providing differentiated solutions for both Fibre Channel and Ethernet connectivity platforms across enterprise and cloud data centers, we will be well positioned to deliver earnings growth and enhanced shareholder value.”
Business Outlook for the Fourth Quarter of Fiscal 2016
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. The Company’s forecasted guidance is a forward-looking statement and does not include the effects of future acquisitions/divestitures, unanticipated asset impairments and other special charges, and other non-recurring items not reflective of ongoing operations. Our forward-looking estimates of both GAAP and non-GAAP measures of our financial performance may differ materially from our actual results and should not be relied upon as statements of fact.
