QLogic Corp.'s fiscal fourth-quarter results topped expectations, but shares fell Friday as analysts said items that lifted the network equipment maker's results will not happen again.
The Aliso Viejo, Calif., company said its profit grew 23 percent in the quarter ended March 31, and revenue rose 9 percent, to $159.7 million. QLogic earned 28 cents per share, excluding one-time items. Analysts polled by Thomson Financial expected, on average, 26 cents per share on $149.6 million in revenue.
However, the quarterly results included a one-time revenue adjustment that added about $5 million in revenue. BMO analyst Keith Bachman said that gain _ along with strong silicon products sales, which beat his estimates by $5.6 million _ will not recur, making the results "unsustainable."
Bachman said silicon sales growth will slow in the coming quarters, and Morgan Keegan analyst Harsh Kumar described the silicon sales as "last time buys."
QLogic stock dropped $1.33, or 8 percent, to close at $15.37.
QLogic said it expects an adjusted profit of 26 to 28 cents per share in the fiscal first quarter, with revenue ranging from $154 million to $158 million. Analysts expect earnings of 26 cents per share on $150.4 million in revenue.
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