Analog Devices reports profit and revenue that topped expectations, outlook is in range of forecasts
Shares of Analog Devices Inc. (ADI) were little changed in premarket trading Wednesday, after the semiconductor company reported fiscal third-quarter earnings that topped expectations, while providing an outlook that was in range of forecasts. Net income for the quarter to Aug. 1 was $362.7 million, or 97 cents a share, after income of $362.4 million, or 97 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share rose to $1.36 from $1.26, above the FactSet consensus of $1.30. Revenue slipped 2% to $1.46 billion, but topped the FactSet consensus of $1.44 billion. For the fourth quarter, the company expects adjusted EPS of $1.32, plus or minus 10 cents, compared with the FactSet consensus of $1.25; revenue is expected to be $1.44 billion, plus or minus $70 million, compared with expectations of $1.42 billion. The stock has slipped 0.8% year to date through Tuesday, while the PHLX Semiconductor Index has rallied 19.7% and the S&P 500 has gained 4.9%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 19, 2020 08:13 ET (12:13 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.