3Par Falls; Revised FY ‘10 Guidance Disappoints

3Par (PAR) shares are trading lower today on investor disappointment with the storage systems company’s revised outlook for the March 2010 fiscal year.

For the fiscal second quarter ended September, PAR posted revenue of $46.1 million and non-GAAP profits of 3 cents a share; that beat the consensus forecast of $45.4 million in revenue and break-even EPS.

For FY Q3, the company sees revenue of $45 million to $51 million; the mid-point of $48 million is below the Street at $50.35 million,

For the March 2010 fiscal year, 3Par now sees revenue of $191 million to $198 million, compared to  a previous forecast range of $190 million to $205 million. That reduces the midpoint of the forecast to $194.5 million from $197.5 million. The new EPS guidance is for 2-6 cents, versus 0-10 cents previously, reducing the mid-point to 4 cents, from 5 cents.

PAR today is down 79 cents, or 7.4%, to $9.90.