SAN FRANCISCO - Analog Devices (ADI) - Get Analog Devices, Inc. Report 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.
Excluding the benefit of the sale of two companies and other items, EPS was 40 cents, beating analysts' estimates by a penny.
Operating income in the first quarter from continuing operations was $124 million, or 23.8% of revenue.
For the second quarter, the company expects revenue ranging from $615 million to $640 million, and a growth rate ranging from flat to 4%. EPS from continuing operations is expected to range from 39 cents to 42 cents. Analysts were expecting revenue of $644.1 million and EPS, less items, of 42 cents.
Shares were up 33 cents, or 1.2%, to $28.05 in after-hours trading.