LSI Logic Swings to a Profit

Updated from 4:44 p.m. EST

LSI Logic(LSI Quote) reported a higher-than-expected fourth-quarter profit, as the chipmaker benefited from demand for its storage products.

The Milpitas, Calif., company earned $38 million, or 9 cents a share, in its fourth quarter, compared with a loss of 51 cents a share in the year-ago period. Sales for the quarter rose 21% year-over-year to $506 million, above the company's own guidance and Wall Street expectations.

Analysts polled by Thomson First Call projected that LSI would have $488 million in fourth-quarter sales, near the midpoint of the company's guidance range of $475 million to $500 million. The Street's profit consensus called for 11 cents EPS, excluding a 4-cents-a-share charge related to the company's company's planned sale of its chip manufacturing facility in Gresham, Ore. ...