Analog Devices

(ADI) - Get Report

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.

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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

Island

, it was trading down at $49.50.