LSI Corp., a maker of storage and networking chips, said Wednesday its profit fell by 57 percent in the first quarter after the company booked several one-time charges.
But its adjusted results still beat analyst forecasts, sending its shares up 40 cents, or 5.8 percent, to $7.30 in aftermarket trading. The shares slipped 3 cents to $6.90 in the regular session on Wednesday.
LSI reported net income of $10.2 million, or 2 cents a share, for the three months ended April 3. That compares with net income of $22.5 million, or 3 cents a share, in the prior-year quarter.
Excluding restructuring, acquisition and stock-based compensation charges, the company said it earned $81.7 million, or 13 cents a share.
That's ahead of the 10 cents a share profit in analysts' consensus forecast, according to FactSet.
Revenue slipped to $629 million, down from $637 million a year earlier. That still beat the $623.1 million analysts had been expecting.
Last month, LSI agreed to sell its external storage systems business to NetApp Inc. for $480 million. The transaction is expected to close next month.
LSI classified the results of the division as discontinued operations, recording an $8.4 million loss.
The company said it expects adjusted earnings per share for the second quarter to range from 7 cents to 13 cents. Analysts are anticipating earnings of 11 cents a share, according to FactSet.
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