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Bear Stearns analysts Andy Neff, Bill Hand and Ted Chung sent a note to clients Tuesday morning previewing Qlogic's (NASDAQ:QLGC) F3Q08 earnings after the bell (find the conference call transcript here, later on Wednesday night). Key excerpts:

Wednesday 10/23 @ 5:30pm ET: QLGC 3Q08 EPS after market close – expect results in line with pre-announcement but potential for weaker outlook due to macro concerns.

Having already pre-announced its 3Q08 (Dec) results on 1/9/08, we expected QLGC to report revenues/EPS in line with expectations. However, given the macro-economic concerns, we expect QLGC to provide conservative outlook.

  • Pre-option EPS of $0.27 vs. $0.28 a year ago (revised guidance calls for $0.27-$0.28; First Call consensus is at $0.26)
  • Revenues of $157mm, flat year/year (revised guidance calls for $155-$157mm; First Call consensus is at $156mm)
  • On 1/14, we lowered our estimates across our entire coverage within the IT Hardware sector to reflect our assessment of macro concerns -- all of our estimates cuts were going forward, i.e. not for the December quarter
Source: QLogic Earnings Preview