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CRAY up 21 Percent on Blow Out Earnings

Cray Inc. (NASDAQ: CRAY) was up 21 percent today after it reported better than expected earnings. The company reported earnings of $84.5 million–blowing past the street’s estimate of $79.8 million. The technology company that makes supercomputers posted an EPS loss of $0.19–1 cent better than the $0.20 estimate by analysts.

The company raised is full-year outlook to $520 million for 2013. It also said that it expects to be profitable next year.

“We had a good second quarter, with continued progress across each of our different product offerings, and we ended the first half of the year ahead of our revenue track,” said Peter Ungaro, president and CEO of Cray. “Our supercomputing business continues to be strong, highlighted by several exciting new wins around the world in the last few months, including flagship wins at both the European Centre for Medium-Range Weather Forecasts and the ARCHER project for the UK national supercomputing facility. In big data, we recently launched our Cray Cluster Connect offering, a complete, end-to-end high performance storage solution for any x86 Linux cluster. On the analytics front, we had a number of exciting wins in our YarcData group, signing up new customers across several of our key market segments for our Urika real-time data discovery platform. We’re in a strong competitive position right now and I’m really excited about the momentum we’ve built throughout our business. With an increase to our outlook today, we’re anticipating strong revenue growth of more than 20% for the year and solid profitability.”

[stock-tools exchange="NASDAQ" symbol="CRAY" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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