For the quarter ended Aug. 1, the Norwood, Mass., company registered profit of $362.7 million, about flat with the $362.4 million of the year-earlier quarter. Earnings per share were 97 cents in both periods.
Adjusted earnings per share climbed to $1.36 in the latest quarter from $1.26 a year earlier.
Analysts surveyed by FactSet were looking for GAAP earnings of 86 cents a share, or an adjusted $1.30, for the latest quarter.
Analog Devices posted revenue of $1.46 billion, down 2% from $1.48 billion in the year-earlier quarter. The FactSet analyst consensus was $1.44 billion for the latest quarter.
At last check the company’s shares were little changed near $188. They're little changed for the year to date as well.
“We executed exceptionally well in this uncertain environment,” Chief Executive Vincent Roche said in a statement. “Our quarterly results came in above the midpoint of our revised outlook. ...”
As for the revenue increase, it was “led by strength across our industrial and communications markets, and both gross and operating margins returned within the range of our financial model,” Roche said.
The company expects adjusted earnings per share of $1.22 to $1.42 for the current quarter, while analysts predict $1.25.
Analog Devices sees revenue coming in at $1.44 billion, plus or minus $70 million, compared with analysts’ expectations of $1.42 billion.
“Our recently announced acquisition of Maxim [Integrated, an integrated-circuits company] will further expand our technology capabilities, grow our cadre of talented engineers, and deliver significant benefits,” Roche said.