Shares of QLogic ( QLGC) were up sharply Tuesday after the storage networking company said third-quarter earnings and sales will be well above expectations. The Aliso Viejo, Calif., company preannounced its earnings before the bell, and in recent trading the stock was up $2.49, or 7.4%, to $36.24 a share on heavy volume. QLogic expects to report net revenue in the range of $148 million to $150 million, compared with earlier guidance of $136 million to $143 million. Net income, the company said, will be approximately 44 cents to 46 cents a share. This compares with the earlier forecast of 36 cents to 39 cents a share, according to generally accepted accounting principles. On a non-GAAP basis, QLogic expects to earn a profit of 46 cents to 48 cents a share, up from earlier guidance of 38 cents to 41 cents, excluding merger-related stock compensation charges. Wall Street had been expecting GAAP earnings of 39 cents a share and pro forma earnings of 40 cents a share on sales of $140.9 million. CEO H.K. Desai said the strong revenue performance was driven by double-digit growth in the company's core product -- host bus adapters -- as well as switches. Gross margins will be flat sequentially, he said. QLogic will present final third-quarter results and fourth-quarter guidance on Jan. 19.