Are Lenovo's Results Good For Dell (DELL). No.

PC-maker Lenovo, which bought the IBM (IBM) personal computer business, had the kind of break-out quarter that tech companies seem to be racking up with regularity now.

For the three months ended Sept. 30, net profit nearly tripled to $105.3 million, or $1.12 a share, from $37.9 million, or 43 cents a share, a year earlier. Revenue rose 20% to $4.43 billion, from $3.70 billion.

The company said its worldwide shipments were up 23% for the quarter. The Wall Street Journal says that the industry average for the period was less than 16%.

Research from IDC and Gartner show global PC sales rising more quickly than forecast. The sixteen percent number is probably about right. Apple (AAPL) reported a sharp jump in Mac sales, and most data shows HP (HPQ) growing faster than the industry as a whole.

All of that points to some large PC company growing more slowly. The industry cannot have a 16% average improvement if every player is up 23%. Not, at least, with math in its current incarnation.

That probably leaves Dell (DELL) out in the cold. The company has been late in putting its PCs for sale at retail outlets, using 800 numbers and the internet instead. It is trying to catch up with deals at outlets like Wal-Mart (WMT), but that process could take a few years.

Dell looks like the loser in the third quarter. Its shares are near a 52-week high trading at $30. But, that may not last.

Douglas A. McIntyre