Shares of Silicon Graphics International Corp (NASDAQ:SGI) are moving up sharply on Thursday after the company reported strong fiscal second quarter results and also provided rosy outlook for the FY 2011.
The company said that profit during the latest quarter soared to $3.7 million, or 12 cents a share, reversing a year ago loss of $23.0 million, or 77 cents a share.
On an adjusted basis, the company earned 44 cents a share, way ahead of analyst estimates of a profit of a penny.
Revenue during the period grew to $177.5 million, from $94.1 million, a year earlier.
The company now projects to generate revenue of $570 million to $595 million in the FY2011 and expect to be profitable, up from its previous guidance of a break even on revenue of $550 million to $575 million.
Shares of SGI are now up a whopping 25.41% at $13.67 after climbing to its life time high of $14.00 earlier in the session.
Silicon Graphics International Corp., formerly Rackable Systems Inc., is a provider of clustered computing and storage, high-performance compute and storage, and data center technologies integrated with a choice of software, customer support services and professional services.
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