LSI Logic comfortable with 4Q estimates

LSI Logic told investors Thursday that despite all the tumult in Florida and volatility on Wall Street the chipmaker will still meet analysts' estimates in its fourth quarter.

LSI (NYSE: LSI), which topped analysts' estimates in its third quarter, said it still expects to record 10 percent sequential revenue growth and earnings of 36 cents a share.

LSI shares closed off $1.44 to $26.81 ahead of the announcement.

"In view of the extraordinary market volatility, we believe it is prudent at this time to reiterate the guidance we provided to investors last month," said CEO Wil Corrigan in a prepared release.

Last quarter, LSI earned $114 million, or 33 cents a share, on sales of $728 million.

Company officials are expecting gross profit margins of 44 percent in the quarter and gains from investments of around $15 million.

LSI shares shot up to a 52-week high of 90.38 in March before sliding to a low of $22.63 in October.

Seventeen of the 20 analysts following the stock maintain either a "buy" or "strong buy" recommendation.