LSI Corp. (LSI) reported third quarter GAAP net income of $52 million or $0.08 per share, compare to $11 million or $0.02 per share in the prior year quarter.
Third quarter non-GAAP net income was $119 million or $0.18 per share, compared to $94 million or $0.14 per share in the year-ago quarter.
Third quarter revenues decreased 19% to $578 million from $714 million in the previous year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share on revenue of $555.65 million for the quarter. Analysts' estimates typically exclude special items.
For the fourth quarter, the company anticipates GAAP results between a loss of $0.04 per share and earnings of $0.05 per share, and non-GAAP earnings of $0.07 to $0.13 per share. Revenue is estimated between $605 million and $645 million for the quarter. Street expects earnings of $0.06 per share on revenue of $587.48 million for the quarter.
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