Shares of Fusion-io Inc. (NYSE: FIO) are soaring in early trading today after the provider of data-centric computing solutions forecast robust growth for next fiscal year, driven by high demand. The upbeat outlook from FIO also prompted at least four brokerages to raise their price target on the company’s stock.
FIO forecast revenue growth of 45% to 50% for fiscal 2013.
In a research note, Alex Kurtz, analyst at Sterne Agee, said in a research note today that he sees the revenue forecast as fairly strong evidence that while competitors are chipping away at smaller opportunities, FIO is likely winning the bigger PCle deals in market today.
Fusion-io also reported its fourth-quarter financial results today. The company reported record revenue of $106.6 million for the fourth quarter ended June 30, 2012, up 49% over the same period in the previous year.
FIO’s net loss for the fourth quarter of fiscal 2012 was $2.4 million, or $0.03 per share, compared to net income of $5.8 million, or $0.06 per share reported for the same period in the previous year. Gross margin for the fourth quarter was 57.5%.
FIO’s non-GAAP net income for the fourth quarter was $9.8 million, or $0.09 per share, compared to $13.2 million, or $0.15 per share reported for the same period in the previous year.
CEO David Flynn said that FIO delivered another record revenue quarter with great execution across the company. Flynn said that the company believes it is still in early stages of demonstrating the transformative potential of software defined storage solutions that deliver greater performance and efficiency for customer at a fraction of the cost of legacy systems.
For the full fiscal year, FIO reported revenue of $359.3 million, representing an increase of 82% over the same period in the previous year. Net loss for the fiscal year 2012 stood at $5.6 million, or $0.06 per share. On a non-GAAP basis, net income for the fiscal year 2012 was $37.5 million, or $0.35 per share.
FIO shares rose to an intra-day high of $27.42 in early trading today. At last check, the stock was trading 27.31% higher at $26.76 on volume of 829,557.
Year-to-date, FIO shares gained 12.58%, compared to a gain of 11.06% in the S&P 500.
Recent Comments