Elantec rolls past Street estimates in 3Q

Elantec Semiconductor continued its torrid performance of late, easily topping analysts' estimates in its third quarter Thursday.

The chipmaker posted a profit of $5.8 million, or 24 cents a share, on sales of $28.6 million.

First Call Corp. consensus pegged it for a profit of 19 cents a share in the quarter.

Ahead of the earnings report, Elantec (Nasdaq: ELNT) shares closed up 5 1/4 to 63 1/4.

The $28.6 million in sales represents a 120 percent improvement from the year-ago quarter when it earned $1.5 million, or 7 cents a share, on sales of $13 million.

Elantec shares moved up to a 52-week high of 76 in June after falling to a low of 6 3/8 last July.

The stock split 2-for-1 in April.

Last quarter, Elantec rolled past analysts' estimates, pocketing $3.4 million, or 29 cents a share, on sales of $20 million.

All five analysts following the stock rate it either a "buy" or "strong buy."

First Call Corp. consensus expects the Milpitas, Calif. company to earn 65 cents a share in the fiscal year.