LSI Guides Above Estimates, Announces $250 Million Buyback Authorization (LSI)
Wednesday, March 17, 2010 - 07:22
Written on Wed, 03/17/2010 - 7:22am
By Chip Brian

3/17/2010-Early Wednesday, LSI Corp. (NYSE: LSI) updated its outlook for the first quarter and has announced the authorization of a new share repurchase program.
The company now expects to report non-GAAP Q1 EPS of $0.07 to $0.11 on revenues of $620 million to $640 million, versus consensus estimates of $0.07 on revenues of $607.7 million.
"Our revised guidance reflects greater-than-anticipated strength in the recovery of enterprise IT spending during the first quarter," said Abhi Talwalkar, LSI president and CEO, "As the majority of our revenues are tied to enterprise purchases of servers, data storage and networking infrastructure, we experienced strength across all product areas that exceeded our previous guidance."
LSI also announced today that its board of directors has authorized a stock repurchase program of up to $250 million.

Keywords: guidance forecast buyback authorization

Ticker(s): LSI

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