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QLogic Corporation (QLGC)

  • Jul. 24, 2014, 4:30 PM
    • QLogic (NASDAQ:QLGC): FQ1 EPS of $0.21 beats by $0.01.
    • Revenue of $119.4M (+5.6% Y/Y) in-line.
    • Press Release
    | Jul. 24, 2014, 4:30 PM | 1 Comment
  • Jul. 11, 2014, 9:40 AM
    • Morgan Stanley has upgraded QLogic (QLGC +2.4%) to Equal Weight.
    • The move comes ahead of QLogic's July 24 FQ1 report, and 9 days after the company named a new sales chief.
    | Jul. 11, 2014, 9:40 AM | Comment!
  • Jul. 2, 2014, 6:00 PM
    • QLogic (QLGC) has hired former SGI/Quantum sales chief Tony Carrozza to be its SVP of worldwide sales.
    • Carrozza appears to be replacing Rob Crawford, who was hired by QLogic in 2011. Crawford isn't mentioned in QLogic's PR, but his LinkedIn profile still lists him (for now) as the company's SVP of worldwide sales. It was only in February that QLogic issued a PR praising Crawford for being named one of CRN's 2014 Channel Chiefs.
    • The hiring comes as both QLogic and archrival Emulex struggle to deal with slumping Fibre Channel hardware demand.
    | Jul. 2, 2014, 6:00 PM | Comment!
  • Jun. 9, 2014, 1:18 PM
    • QLogic (QLGC +1.6%) chairman HK Desai, 68, passed away last night following sudden cardiac arrest. (PR)
    • Desai was QLogic's CEO from 1995-2010, and afterwards remained on board as executive chairman.
    | Jun. 9, 2014, 1:18 PM | 1 Comment
  • May 2, 2014, 4:43 PM
    • QLogic (QLGC -7.9%) guided on its FQ4 CC (transcript) for FQ1 revenue for $116M-$122M. Thought that range is above a $114.8M consensus, it assumes $11M in revenue from Broadcom's NetXtreme II Ethernet controller business, whose acquisition was announced in March and hasn't yet been factored into all analyst estimates. EPS guidance of $0.17-$0.22 is largely below a $0.22 consensus.
    • In addition, QLogic is guiding for FY15 (ends March '15) revenue to grow 10%-12%, after factoring a $60M contribution for the Broadcom unit. A Stifel analyst observes this implies a 2% revenue drop for the rest of QLogic's business at the midpoint. the consensus is for 2.3% growth. A Piper analyst observed the guidance implies a 4%-6% organic revenue drop if one also backs out Brocade's adapter card business (acquired in January).
    • Emulex (ELX -5.6%), which crashed yesterday after providing weak guidance (and took QLogic and others lower with it), added to its losses today. Shares are down 35% over the last two days.
    • Like Emulex, QLogic admits the Fibre Channel storage market is weak - it estimates a 6%-7% market decline. The company is counting on IP/Ethernet opportunities and growing storage ASIC sales to help offset the drop. The latter business, boosted by an FQ4 ramp at a major storage OEM, is growing at a 10% clip.
    | May 2, 2014, 4:43 PM | 1 Comment
  • May 1, 2014, 4:26 PM
    • QLogic (QLGC): FQ4 EPS of $0.24 beats by $0.02.
    • Revenue of $115.72M (-1.0% Y/Y) beats by $2.42M.
    • Press Release
    | May 1, 2014, 4:26 PM | Comment!
  • May 1, 2014, 11:14 AM
    • On top of missing FQ3 sales estimates (while hitting EPS forecasts), Emulex (ELX -24.7%) is guiding for FQ4 revenue of $94M-$100M and EPS of $0.00-$0.05, well below a consensus of $115.7M and $0.18.
    • Storage adapter card/controller/switch archrival QLogic (QLGC -6.1%), which reports after the close, is off in sympathy, as is storage switch leader Brocade (BRCD -2.4%). Mellanox (MLNX -1.7%), which competes against Emulex in the 10G Ethernet adapter space, is also declining; its shares already tumbled last week due to a Q1 miss and soft guidance.
    • On its CC (transcript), Emulex mentioned its network connectivity product sales (71% of revenue, dominated by Fibre Channel storage offerings) fell 9% Y/Y, as Fibre Channel weakness more than offset 10G Ethernet growth. The FC issues are blamed on UNIX server weakness (sales have been in freefall for a while) and "specific issues" with an x86 server OEM (likely IBM).
    • Moreover, in remarks with clear implications for QLogic/Brocade, Emulex says it now expects a "higher rate of secular decline in the Fibre Channel business than previously anticipated." Its own FC sales are now expected to fall at a high-single to low-double digit Y/Y clip vs. prior guidance for a mid-single digit drop.
    • Also, Emulex's network visibility product sales (Endace, 6% of revenue) came in below expectations, and its legacy storage connectivity/other business (23% of revenue) is expected to fall 10%-15% in FY14 and perhaps over 30% in FY15.
    | May 1, 2014, 11:14 AM | Comment!
  • Feb. 18, 2014, 6:24 PM
    • QLogic (QLGC) is acquiring assets related to Broadcom's (BRCM) 10/40/100-gig Ethernet controller business, along with IP licenses related to Broadcom's NetXtreme II Ethernet controllers, for $147M in cash.
    • In addition, QLogic is licensing Broadcom patents related to QLogic's Fibre Channel (storage networking) hardware for $62M, and will rely on Broadcom ASICs for NetXtreme II controllers. The license allows QLogic to avoid the type of lengthy legal battle archrival Emulex has seen with Broadcom.
    • Broadcom says the deal will allow it to focus its "internal Ethernet controller efforts on strengthening its end-to-end data center platform." That suggests Broadcom is de-emphasizing the PC/workstation Ethernet controller market, where the company has long had a major position but has also faced stiff competition and price pressure.
    • QLogic, meanwhile, is lowering its dependence on a Fibre Channel business that has seen very little growth in recent quarters, and is gaining additional products to cross-sell to enterprise hardware OEMs
    • Both companies expect the deal to be accretive to EPS. QLGC +0.9% AH.
    | Feb. 18, 2014, 6:24 PM | Comment!
  • Jan. 29, 2014, 4:22 PM
    • QLogic Corporation (QLGC): FQ3 EPS of $0.29 beats by $0.05.
    • Revenue of $119.4M (flat Y/Y) beats by $1.83M.
    • Shares +4.8%.
    • Press Release
    | Jan. 29, 2014, 4:22 PM | Comment!
  • Jan. 29, 2014, 12:10 AM
  • Jan. 28, 2014, 5:35 PM
  • Jan. 17, 2014, 4:12 PM
    • QLogic (QLGC -2.2%) and Brocade Communications (BRCD -0.9%) enter into a strategic alliance to jointly develop Fibre Channel tech, align on product plans, and market SAN solutions.
    • In conjunction, QLogic has acquired Brocade's Fibre Channel and converged network adapter business. Terms were undisclosed - the acquisition is not expected to materially affect either company's operating results.
    • QLogic PR, Brocade PR
    | Jan. 17, 2014, 4:12 PM | Comment!
  • Dec. 9, 2013, 10:55 AM
    • QLogic (QLGC +0.2%) has hired Prasad Rampalli, until now EMC's cross-business-unit engineering chief, to be its new CEO, effective Feb. 3. (PR)
    • Rampalli has been with EMC for three years. Before that, he spent 27 years at Intel in various positions.
    • News of Rampalli's hiring comes seven months after the resignation of Simon Biddiscombe, QLogic's last full-time CEO. CFO Jean Hu has been serving as interim CEO since then.
    | Dec. 9, 2013, 10:55 AM | Comment!
  • Oct. 25, 2013, 4:59 PM
    • QLogic (QLGC +14%) shares ended the day sharply higher after the company's FQ2 results beat expectations and demonstrated better-than-expected restructuring execution.
    • Management guided for revenue of $114M-$120M in FQ3 (vs. consensus of $117.5M) and EPS of $0.22-$0.27 (vs. consensus of $0.22).
    • QLogic's restructuring is "progressing ahead of plan" and opex is expected to be $230M in FY2014 ($5M below previous estimates).
    | Oct. 25, 2013, 4:59 PM | Comment!
  • Oct. 24, 2013, 4:22 PM
    • QLogic (QLGC): FQ2 EPS of $0.23 beats by $0.04.
    • Revenue of $112.6M beats by $0.54M. (PR)
    | Oct. 24, 2013, 4:22 PM | Comment!
  • Oct. 24, 2013, 12:10 AM
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Company Description
QLogic Corp is a designer and supplier of network infrastructure products that enhance, manage and support computer data communication.