Analog Devices: Fiscal Q2 Earnings Snapshot

WILMINGTON, Mass. (AP) — WILMINGTON, Mass. (AP) — Analog Devices Inc. (ADI) on Wednesday reported fiscal second-quarter net income of $977.7 million.

The Wilmington, Massachusetts-based company said it had net income of $1.92 per share. Earnings, adjusted for one-time gains and costs, were $2.83 per share.

The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.75 per share.

The semiconductor maker posted revenue of $3.26 billion in the period, which also topped Street forecasts. Ten analysts surveyed by Zacks expected $3.21 billion.

For the current quarter ending in July, Analog Devices expects its per-share earnings to range from $2.42 to $2.62. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.50.

The company said it expects revenue in the range of $3 billion to $3.2 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $3.11 billion.

Analog Devices shares have climbed 15% since the beginning of the year, while the S&P's 500 index has climbed 8%. The stock has climbed 16% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADI at https://www.zacks.com/ap/ADI