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Net profit stood at 3.72 trillion won (US$3.16 billion) in the July-September period, compared with 1.22 trillion won a year ago, the world's top memory chipmaker said in a regulatory filing.
Sales jumped 29.1 percent on-year to 24.86 trillion won, and operating profits doubled from a year ago to 2.77 trillion won, it said.
On a consolidated basis, which includes Samsung's foreign subsidiaries, sales reached 35.87 trillion won in the third quarter, with operating profit standing at a quarterly record of 4.23 trillion won.
Shares of Samsung Electronics traded at 734,000 won on the Seoul bourse as of 2:30 p.m., up 2.23 percent from Thursday's close.
Samsung attributed the robust earnings to a rise in chip and display panel prices as well as increased sales of mobile handsets and TVs.
Samsung's flagship memory chip business achieved a marked turnaround from recent operating losses as a tight chip supply and increased demand for computers drove up global chip prices. The average sales price of dynamic random access memory (DRAM) chips rose 20 percent on quarter, while spot prices for 1Gb DDR2 chips used for personal computers were up 28 percent.
Samsung said it sold 60.2 million cell phones in the third quarter, up 15 percent from three months earlier. The company is the world's No. 2 mobile phone maker, trailing Finland's Nokia Corp.
Its liquid crystal display (LCD) panel divisions saw a rise both in shipments and prices. Shipments of large-size LCD panels climbed 26 percent on-year to 148 million and panel prices in all segments jumped, with panel prices for laptop computers up 22 percent.
Samsung posted robust sales in flat-screen TVs, with third quarter sales growing 24 percent on year to 7.73 million. It also sold 1.2 million units of light emitting diode (LED) TVs, about half of its annual sales goal for the new model, the company said.
Samsung said fourth quarter earnings are likely to decrease from the previous quarter due to rising marketing costs and a strengthening won, but it painted an upbeat outlook for the next year as the global economy was expected to make a rebound, pushing up demand for computers, mobile handsets and LCD panels.
"Global demand for information technology products and consumer electronics are predicted to recover next year on a global economic recovery, so we forecast improved earnings for 2010 from 2009," said Lee Myung-jin, head of the investor relations team.
For 2010, Samsung executives said during a conference call that demand for LCDs will go up thanks to major holidays and sporting events in the first quarter. Memory chip prices are expected to continue their upward trend until March, 2010.
Samsung also forecast that the smartphone market would at least double in size in 2010 from this year, and says it plans to double the size of its line-up of smartphone models.
For 2010, Samsung said it is mulling spending 5.5 trillion won for memory chips and 3 trillion won for LCD panel production.
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