Xyratex posts profit in fiscal 1st quarter, boosted by 74 percent rise in revenue

Xyratex posts profit in fiscal 1Q

SEATTLE — Data storage company Xyratex Ltd. on Wednesday said it recorded a profit in its fiscal first quarter, helped by booming sales of networked storage solutions and storage infrastructure.

For the three months ended Feb. 28, U.K.-based Xyratex posted net income of $26.3 million, or 85 cents per share. In the year-ago quarter, Xyratex recorded a net loss of $16.1 million, or 55 cents per share.

Results in the latest quarter included stock options expenses, restructuring costs and other special items. Excluding those items, Xyratex said it earned 96 cents per share.

Analysts surveyed by Thomson Reuters predicted earnings of 78 cents per share. Analysts typically exclude special items from their forecasts.

Revenue rose 74 percent to $319 million from $183.9 million, beating Wall Street’s estimate of $309.7 million.

Shares of Xyratex rose 27 cents to close at $16.93. In aftermarket trading, they climbed $1.80, or 10.6 percent, to $18.73. The stock has ranged from $2.07 to $18.47 over the past year.