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Analog Devices Beats Third-Quarter Forecasts as Revenue Surges

Analog Devices beat Wall Street's third-quarter-earnings expectations as revenue at the semiconductor giant jumped.

Analog Devices  (ADI) - Get Analog Devices, Inc. Report beat Wall Street's third-quarter-earnings expectations as revenue at the semiconductor giant jumped.

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Analog Devices reported net income of $503.3 million, or $1.35 a share, up from $362.7 million, 97 cents a share, in the year-earlier quarter.

The latest adjusted earnings came to $1.72 a share, up from $1.36 a year earlier and beating the FactSet consensus of $1.62 a share.

Revenue totaled $1.76 billion, up 21% from a year earlier. The FactSet consensus called for revenue of $1.71 billion.

"ADI delivered record revenue and earnings for the second consecutive quarter with continued gross- and operating-margin expansion," Vincent Roche, president and chief executive, said in a statement. "All markets increased sequentially with our Industrial and Automotive segments once again achieving records."

Looking ahead, Analog Devices forecast fourth-quarter revenue of $1.78 billion, give or take $70 million, and adjusted earnings of $1.72 a share, give or take 11 cents.

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The FactSet consensus calls for earnings of $1.71 a share on revenue of $1.76 billion.

Roche added that "the economic recovery continues to take shape with demand still far exceeding supply, underscoring the importance of semiconductors across all industries."

In May Analog Devices beat analysts' second-quarter-earnings expectations.

Shares of the Norwood, Mass., company at last check were down 2.7% to $161.75.

Elsewhere in tech, Lumentum Holdings  (LITE) - Get Lumentum Holdings, Inc. Report posted stronger-than-expected fourth-quarter earnings Wednesday, as well as a robust outlook, even as the Apple  (AAPL) - Get Apple Inc. (AAPL) Report supplier said chip shortages would trim near-term sales.

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