LSI Corp. (LSI) reported fourth quarter GAAP net income of $65 million or $0.10 per share, compared to a net loss of $606 million or $0.94 per share in the prior year quarter.
Fourth quarter non-GAAP net income was $124 million or $0.18 per share, compared to $41 million or $0.06 per share in the year-ago quarter.
Revenues increased 5% to $638 million from $610 million in the fourth quarter of 2008.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.11 per share on revenue of $631.54 million for the quarter. Analysts' estimates typically exclude special items.
For the first quarter, the company expects GAAP results between a loss of $0.06 per share and earnings of $0.03 per share. Non-GAAP earnings are expected in the range of $0.04 to $0.10 per share. Revenue is estimated between $590 million and $620 million.
Analysts project earnings of $0.06 per share on revenue of $580.14 million for the first quarter.
Capital spending is projected to be around $15 million in the first quarter and approximately $55 million in total for 2010.
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