National Semiconductor Earnings Up 86%

National Semiconductor Corp. reported fiscal third-quarter earnings that were better than analysts had expected, sending its shares higher. The chip maker said net income for the three months ended Feb. 23 rose 86% to $42.8 million, or 30 cents a share, from $23 million, or 17 cents, in the year-earlier quarter. Sales rose 13% to $680.5 million from $600.3 million. National’s stock lost 50 cents to close at $30.25 on the New York Stock Exchange. Analysts had expected the Santa Clara-based company to have earnings of 24 cents, based on the average estimate of 15 analysts surveyed by IBES International Inc. Gross profit margin--percentage of sales left after subtracting product costs--widened to 37.5% from 34.9% in the second quarter, though it fell from 38.6% in the year-earlier quarter.