Conexant Shares Jump on Rosy Profit Report

Shares of Conexant Systems Inc., one of the top makers of computer chips for communications equipment, rose 14% on Wednesday after executives said fiscal third-quarter profit will “significantly exceed” forecasts.

The stock moved up $6.19 a share to $51.50 in trading of 5.43 million shares, making Conexant one of the most active stocks on the Nasdaq market. The shares have more than tripled since factory-automation equipment maker Rockwell International Corp. spun off Newport Beach-based Conexant in December.

Revenue is expected to rise 15% from the $316.9 million reported in the previous quarter, the company said. Conexant reported an unexpected profit in its second quarter, and demand for its chips used in cellular phones, so-called remote access gear and computer modems has remained strong.

Analysts had estimated that the company would earn 11 cents a share for the quarter ending June 30, the average estimate compiled by First Call Corp.