OCZ Technology Group Soaring 12% On Earnings

OCZ Technology Group Inc. OCZ shares are one of the best performing names on the NASDAQ today, gaining more than 12% after the solid-state-drive (SSD) company beat Wall Street analyst expectations last night. The company reported first quarter 2012 earnings of 1 cent per share on $73.8 million in revenues. Wall Street had been expecting a loss of 1 cent per share on $69.43 million in revenues. The company also raised full year revenue guidance, saying it expects to have between $310 million and $345 million in revenue for the full year ending next February. The company originally projected $330 million. Wall Street had been expecting $326 million. "We are proud to have achieved our 7th consecutive quarter of sequential revenue growth for our solid state drive products as SSD revenues grew to $69.1 million from $13.3 million during the same period last year," said Ryan Petersen, CEO of OCZ Technology. "We accomplished a great deal in the first quarter, completing the acquisition of Indilinx, raising a substantial amount of working capital, increasing our gross margins, and reporting non-GAAP net income." "Our strengthened balance sheet coupled with the Indilinx acquisition will allow us to realize substantial cost savings going forward. Moreover, we continue to release award-winning new products while enhancing our technology through investment in R&D. We are also expanding our sales infrastructure which helps position OCZ for continued growth in the higher margin enterprise and server segments." At last check, shares of OCZ were up $1.08 to $9.42.