MANHASSET, N.Y. LSI Logic Corp. raised its 2004 fourth quarter revenue and earnings per share guidance as the company reported growth in its Storage Systems, Storage Components and Consumer businesses.
LSI Logic (Milpitas, Calif.) expects to report 2004 fourth quarter revenues in the range of $415 million to $420 million, compared to the previously forecasted fourth quarter revenue of $360 million to $390 million. The updated revenue represents a 10 percent sequential revenue growth over the company's 2004 third quarter revenue of $380 million.
The company anticipates reporting a 2004 fourth quarter GAAP net loss of 53 to 55 cents per diluted share, compared to earlier guidance of a 54 to 57 cent per share loss. The projection includes the previously announced estimated $180 million non-cash, asset impairment charge associated with the company's Gresham manufacturing campus in the fourth quarter.
For LSI, the improving revenue may signal a turnaround at the semiconductor supplier, which underwent a restructuring
after its last quarter that included an 11 percent workforce reduction.
"The growth of our Storage and Consumer businesses in the fourth quarter serves as a positive indicator that the inventory correction in the supply chain is substantially over in these two markets," said Wilfred J. Corrigan, LSI Logic's chairman and chief executive, in a statement.