Analog Devices: Fiscal 3Q Earnings Snapshot
NORWOOD, Mass. (AP) _ Analog Devices Inc. (ADI) on Wednesday reported fiscal third-quarter net income of $414.5 million.
The Norwood, Massachusetts-based company said it had profit of $1.10 per share. Earnings, adjusted for one-time gains and costs, were $1.53 per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.46 per share.
The semiconductor maker posted revenue of $1.57 billion in the period, also topping Street forecasts. Ten analysts surveyed by Zacks expected $1.52 billion.
For the current quarter ending in October, Analog Devices expects its per-share earnings to range from $1.46 to $1.58. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.52.
The company said it expects revenue in the range of $1.53 billion to $1.61 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $1.55 billion.
Analog Devices shares have increased roughly 8 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 7 percent. The stock has climbed 23 percent in the last 12 months.