Analog Devices Beats Estimates

SAN FRANCISCO - Analog Devices(ADI Quote) reported higher product revenue on an adjusted basis in the first quarter, but its guidance for the second quarter came up short.

The Norwood, Mass. maker of integrated circuits reported a top line of $613.9 million in the first quarter, compared with $626.3 million for the year-ago quarter, which was one week longer. Analysts polled by Thomson Financial were looking for revenue of $623.5 million. On an equivalent 13-week basis, revenue increased 12% year over year, the company stated.

In the year-ago quarter, product revenue was $591.3 million and total revenue included one-time IP license revenue of $35 million. Total revenue in the first quarter 2008 came exclusively from product revenue, which was up 4% year over year.

Net income grew 142% to $370.7 million, or $1.22 a share, from $153.2 million, or 44 cents a share, in the year-ago period. The bottom line included an 81 cents-a-share benefit from the sale of two businesses, according to the company. ...