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UPDATE 1-QLogic Q2 profit flat, sees Q3 above Street view

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Oct 24 (Reuters) - QLogic Corp. QLGC.O on Tuesday posted a flat quarterly profit from continuing operations but forecast third-quarter results well above Wall Street estimates citing continued growth in revenue from SAN infrastructure products.

In a conference call, the Aliso Viejo, California-based company said it expects third-quarter adjusted earnings of 25 cents to 27 cents a share on revenue of $154 million to $160 million.

The company said its revenue view takes into account minimal contribution from the PathScale Inc. acquisition and no contribution from its buy of SilverStorm Technologies Inc.

The supplier of components for data storage networks said it expects third-quarter GAAP earnings to differ from non-GAAP earnings by about 6 cents a share, excluding SilverStorm.

Analysts on average were expecting the company to earn 19 cents a share, excluding items, on revenue of $150 million, according to Reuters Estimates.

Earlier, the company reported second-quarter income from continuing operations of $30.4 million, or 19 cents a share, compared with $30.5 million, or 17 cents a share, a year ago.

Revenue rose 22 percent to $145.3 million, driven by a 26 percent rise in sales of its host bus adapters, equipment that connect computers to network and storage devices.

The company’s revenue from SAN Infrastructure Products, which includes HBAs, switches and silicon, was $135.3 million, a 22 percent year-over-year rise.

Including discontinued operations, net income for the quarter fell to $30.4 million from $43.0 million last year.

However, excluding items, the company’s earnings beat analysts’ forecast.

For the second quarter, analysts on average expected the company to earn 17 cents a share, excluding items, on revenue of $141.2 million.

Shares of QLogic rose 8.2 percent to $20.80 in after-hours electronic trade after closing at $19.23 on the Nasdaq. (Reporting by Anthony Kurian and Savio D’Souza in Bangalore)

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