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Samsung expects fired-up profits despite Note 7 flameout

If it weren't for the Galaxy Note 7's fiery demise, Samsung might have had its best earnings quarter ever.

Juan Garzón / CNET

Samsung's profits didn't burn to ground after all in the Great Galaxy Note 7 Implosion.

The South Korean electronics giant on Friday released a forecast for its earnings report for the October-December period, saying it expects a $7.8 billion boost in its fourth-quarter operating profits. This comes even though the Note 7's fiery recall was expected to cost the company $3 billion during those three months.

What drove the fourth-quarter for Samsung was Galaxy S7 phone, its lineup of chips and its display screens.

Still, maybe there's just something a little different about the Note 7, a sizzle-turned-fizzle phone that some people clung to even with the threat of the devices exploding.

Samsung's fourth-quarter earnings are expected to be its highest since 2013 and its third-highest ever, and could have been its highest of all time if it weren't for the Note 7's demise, according to analysts at Wall Street firm Bernstein.

"This sets Samsung up to potentially beat all time high annual profits for 2017 (and potentially by a wide margin if Galaxy S8 launch goes well)," Bernstein's analysts said.

Samsung will release its detailed fourth quarter report by late January.