MILPITAS, Calif. -- Citing strong demand for its communication chip products, LSI Logic Corp. here today beat the street by reporting sales of $728 million for its third quarter ended Sept. 30, a 35% jump over the $540 million posted in the like period a year ago.
Net income before amortization of goodwill and other special items was $114 million, or $0.33 per diluted share, compared to $55 million, or $0.17 per diluted share, a year ago. Analysts estimated that the company would report earnings of $0.31 per share.
"We have strong momentum heading into 2001 based upon our communications focus, record bookings and expanded manufacturing capacity," said Wilfred Corrigan, LSI Logic's chairman and chief executive.
The company is also bullish about the fourth quarter as well. It expects its sales for this period to be up about 10% sequentially from the $728 million reported in the third quarter. The company anticipates reporting fourth quarter earnings of $0.36 a diluted share.