March 14, 2012 / 12:16 PM / 6 years ago

UPDATE 1-LSI raises outlook; shares up

* Now sees Q1 adj EPS from cont. ops at $0.12-$0.16

* Raises Q1 revenue outlook to $585 mln-$615 mln

* Shares rise 5 pct premarket

March 14 (Reuters) - Chipmaker LSI Corp raised its guidance for the current quarter above analysts’ estimates citing a stronger-than-expected recovery of the hard-disk drive market and a rise in demand for its flash-based products.

Shares of the company rose 5 percent to $8.99 in premarket trade on Wednesday.

LSI, which makes microchips, hard drives and networking equipment, now sees adjusted earnings from continuing operations at between 12 cents and 16 cents per share, on revenue of $585 million to $615 million.

Analysts, on average, were expecting earnings of 12 cents per share on revenue of $571.7 million.

The company had earlier forecast adjusted earnings from continued operations of 9 cents to 15 cents a share, on revenue of $550 million to $590 million.

Last month, peer Marvell Technology Group Ltd forecast revenue growth of 6 percent sequentially on a recovery from hard-drive shortages, which were caused by flooding in Thailand last year.

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