LSI Boosts Outlook, Shares Jump (LSI)

Semiconductor maker LSI Corp. (NYSE: LSI) this morning raised its first quarter outlook for EPS and revenues due to a “stronger than expected hard disk drive market recovery and ramp of flash-based products.” The company raised its EPS guidance to $0.12-$0.16, above consensus estimates of $0.12, and boosted its revenue outlook from $550-$590 million to a new range of $585-$615 million.

LSI also expects non-GAAP gross margins to reach about 52% and non-GAAP operating expenses of $223 million. The EPS estimate is based on 590 million shares outstanding.

LSI shares are up more than 5% in the pre-market, at $8.99, above the top of the 52-week range of $4.75-$8.75.