Stec Inc. 3Q earnings up more than 20-fold

posted: 23 DAYS 9 HOURS AGO

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SANTA ANA, Calif. -Stec Inc. reported a 20-fold increase in third-quarter earnings on Tuesday, as a sharp rise in revenue boosted the bottom line.

But the maker of data storage devices such as solid state drives also said revenue for the fourth quarter won't meet analysts' expectations.

Shares of Stec fell $7.53, or 32.5 percent, to $15.65, in after-hours trading. The stock was up $1.59, or 7.4 percent, to $23.15 during the regular session.

Stec earned $24.5 million, or 47 cents per share, compared with $1.2 million, or 2 cents, in the same quarter a year earlier. Revenue rose by 54 percent to $98.3 million.

Excluding employee stock-based compensation and restructuring charges, Stec earned 50 cents per share compared with 10 cents last year.

Analysts were forecasting a profit of 47 cents per share on revenue of $96.6 million, according to Thomson Reuters.

For the fourth quarter, Stec said revenue should come in at $101 million to $103 million. Earnings excluding one-time items would range from 51 cents to 53 cents.

Analysts are expecting revenue of $106 million and earnings of 52 cents per share for the Santa Ana, Calif.-based company.

2009-11-03 18:51:33