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LSI clears third-quarter estimates

2 min read

LSI Logic beat the Street by a penny a share in its third quarter Tuesday, earning $114 million, or 33 cents a share, on sales of $728 million.

First Call Corp. consensus expected the chipmaker to earn 32 cents a share in the quarter.

LSI (NYSE: LSI) shares closed off $3.63 to $28.50 ahead of the earnings report.

The $728 million in sales marks a 35 percent improvement from the year-ago quarter when it earned $55 million, or 17 cents a share, on sales of $540 million.

"We have strong momentum heading into 2001 based upon our communications focus, record bookings and expanded manufacturing capacity," said CEO Wilfred Corrigan in a prepared release.

Company officials said communication chips now represent more than half of its total sales. It also it expects those sales to improve 65 percent or more in the coming year.

Corrigan said the company was comfortable with analysts' fourth-quarter earnings estimate of 36 cents a share.

LSI said it expects fourth-quarter sales to rise about 10 percent from the $728 million it posted this quarter.

Last quarter, LSI met analysts' estimates last quarter when it earned $98 million, or 29 cents a share, on sales of $644 million.

The stock moved up to a 52-week high of $90.38 in March after falling to a low of $22.44 last October.

Nineteen of the 21 analysts following the stock maintain either a "buy" or "strong buy" recommendation.

Among other technology companies reporting earnings after the bell Tuesday:

  • C-Cube Microsystems (Nasdaq: CUBE) topped analysts' estimates in its third quarter, earning 13 cents a share on sales of $69 million.

    Analysts were expecting a profit of 11 cents a share in the quarter.

    In the year-ago quarter, it earned $14 million, or 31 cents a share, on sales of $52.3 million.

    Including gains from the sale of Liberate (Nasdaq: LBRT) shares, C-Cube made $10 million, or 19 cents a share.

    C-Cube shares closed off $1.06 to $19.25 ahead of the earnings report.

  • Actel (Nasdaq: ACTL) topped analysts' estimates in its third quarter, raking $12.1 million, or 45 cents a share, on sales of $60.1 million.

    Analysts were expecting a profit of 41 cents a share.

    In the year-ago quarter, Actel raked in $6.1 million, or 26 cents a share, on sales of $43.2 million.

    Its shares finished off $4.75 to $30.88 ahead of the earnings report.