Analog Devices (ADI) shares were lower on Wednesday, even after the semiconductor giant beat Wall Street's first-quarter earning expectations.
Shares of the Wilmington, Mass., company at last check were down 1.7% at $157.80.
In the quarter ended Jan. 30, Analog Devices earned $388.5 million, or $1.04 a share, up from $203.9 million, or 55 cents, in the year-earlier quarter. Excluding special items, the latest adjusted earnings came to $1.44 a share.
A survey of analysts by FactSet produced consensus earnings estimates of GAAP earnings of 93 cents a share, or an adjusted $1.33.
Revenue rose 20% to $1.56 billion, topping the FactSet consensus of $1.51 billion.
"Revenue increased 20% year-over-year with growth across all market segments, including a record quarter for our industrial business," Vincent Roche, president and chief executive, said in a statement.
On Tuesday, the company raised its quarterly dividend 11% to 69 cents a share from 62 cents. The new dividend is payable March 9 to holders of record Feb. 26.
The company said that in the fiscal first quarter it returned more than $380 million to shareholders through dividends and share repurchases.
Looking ahead, Analog Devices said it expects second-quarter adjusted earnings of $1.44 a share, plus or minus 8 cents. The FactSet consensus: $1.40 a share.
Revenue is expected to come in at $1.6 billion, plus or minus $50 million. FactSet's survey is calling for $1.55 billion.
"While the economic backdrop remains uncertain, we are confident that a broad-based recovery is underway given continued momentum in ADI’s bookings and lean inventories across the industry," Roche said.