reported first-quarter earnings today that met Wall Street's lowered estimates, but projected 2001 second-quarter and full-year earnings well below analysts' expectations.
For its first quarter ended Feb. 2, the chip maker reported pro forma earnings of $190.2 million, or 50 cents a share, up from $94 million, or 25 cents a share, in the year-ago period. Fifteen analysts surveyed by
First Call/Thomson Financial
expected the company, which is based in Norwood, Mass., to earn 50 cents a share.
Analog posted first-quarter revenue of $772 million, up sharply from $490.3 million in the same quarter one-year ago.
Analog Devices manufactures analog, mixed-signal and digital-signal processing integrated circuits.
For 2001's second quarter, the company expects revenue in the range of $710 million to $725 million, up 22% to 25% from last year's second quarter, but down 6% to 8% from first-quarter results. Analog attributed the sequential decline to a significant reduction in sales.
The company expects second-quarter earnings per share of 43 cents to 44 cents. According to First Call/Thomson Financial, fourteen analysts expect the company to earn 49 cents a share in the quarter.
Analog estimates that full-year revenue will grow approximately 20% over last year, with earnings between $1.85 to $1.90 a share. Sixteen analysts projected the company would earn $2.02 a share for 2001
Shares of Analog closed up 55 cents, or 1%, at $51.51on the
New York Stock Exchange
this afternoon. In recent after-hours action on
, it was trading down at $49.50.