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Analog Devices tops earnings expectations

Economy, Finance

Analog Devices Inc. topped earnings and revenue expectations for its latest quarter Wednesday morning. The company reported fiscal second-quarter net income of $423 million, or $1.14 a share, up from $268 million, or 72 cents a share, in the year-earlier period. On an adjusted basis, Analog Devices recorded earnings per share of $1.54, up from $1.08 a year prior and ahead of the FactSet consensus, which called for $1.45. Analog Devices saw revenue rise to $1.66 billion from $1.32 billion, while analysts tracked by FactSet were projecting $1.61 billion. “The economic recovery has materialized faster and stronger than initially anticipated, increasing pressure across supply chains globally,” Chief Executive Vincent Roche said in a release. “Our decision to strategically invest in additional capacity ahead of this demand inflection has enabled us to move with speed and agility to better serve our customers.” For the fiscal third quarter, Analog Device expects revenue of $1.7 billion at the midpoint of its outlook and adjusted EPS of $1.61 at the midpoint. Analysts tracked by FactSet were projecting $1.65 billion in revenue and $1.54 in adjusted EPS. Shares have declined 10.9% over the past three months as the S&P 500 has increased 5.5%.

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