reported third-quarter earnings that beat Wall Street's expectations by a penny.
The chipmaker reported third-quarter income, excluding amortization of goodwill and other special items, of $114 million, or 33 cents a diluted share, compared with $55 million, or 17 cents a diluted share, in the same period a year ago. Analysts expected the company to earn 32 cents a share for the quarter, according to a
First Call/Thomson Financial
The company posted revenue of $728 million for the quarter, up 35% from the $540 million reported for the year-ago period.
LSI attributed the earnings level to gross margin expansion and strong communications chip sales. The company estimates that communications chip revenue will grow at least 65% this year and expects that fourth-quarter earnings will come in at 36 cents a diluted share, in line with what analysts are expecting.
LSI Logic also forecast that fourth-quarter revenue would be up about 10% sequentially from the third quarter.