Analog Devices beats Street 1Q forecasts

Analog Devices tops 1Q profit and revenue expectations

NORWOOD, Mass. (AP) _ Analog Devices Inc. (ADI) on Wednesday reported fiscal first-quarter profit of $216.2 million.

On a per-share basis, the Norwood, Massachusetts-based company said it had profit of 69 cents. Earnings, adjusted for one-time gains and costs, were 94 cents per share.

The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.

The semiconductor maker posted revenue of $984.4 million in the period, also topping Street forecasts. Eleven analysts surveyed by Zacks expected $871.9 million.

For the current quarter ending in May, Analog Devices expects its per-share earnings to range from 74 cents to 86 cents.

The company said it expects revenue in the range of $870 million to $950 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $877.2 million.

Analog Devices shares have increased 7 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 4 percent. The stock has increased 49 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADI at https://www.zacks.com/ap/ADI

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Keywords: Analog Devices, Earnings Report

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