reported first-quarter earnings Thursday that nearly doubled from a year ago on a stronger-than-expected 30% jump in revenue. The chipmaker also said second-quarter results should beat current estimates.
Under generally accepted accounting principles, Norwood, Mass.-based Analog Devices reported net income of $116.8 million, or 30 cents a share, in the first quarter. That compared with net income of $60 million, or 16 cents a share, in the same period a year earlier.
The average GAAP net income estimate of 12 analysts polled by Thomson First Call put GAAP earnings at 27 cents a share, while the average pro forma earnings estimate from 25 analysts was 28 cents a share. ADI did not provide pro forma earnings.
Revenue rose 30% from a year ago and 9% sequentially to $605.4 million in the first quarter, which ended Jan. 31. That exceeded Wall Street estimates of $589.9 million.
Gross margins increased to 57.1% from 55.8% in the prior quarter.
ADI also declared a cash dividend of 4 cents a share, payable March 17 to all stockholders of record at the close of business on Feb. 27.
Looking ahead, ADI expects second-quarter revenue to grow sequentially 7% to 10% to between $650 million and $665 million, with earnings ranging from 34 cents to 35 cents a share. That also surpasses analyst estimates, which called for second-quarter revenue of $625.7 million, pro forma earnings of 32 cents a share and GAAP earnings of 30 cents a share.
Shares of ADI recently bounced 76 cents, or 1.6%, to $49.75 in after-hours trading after shedding $1, or 2%, to close Thursday at $48.99.