Analog Devices Q1 Profit Decreases, but beats estimates

(RTTNews) - Analog Devices (ADI) reported earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $462.73 million, or $0.93 per share. This compares with $961.47 million, or $1.88 per share, in last year's first quarter.

Excluding items, Analog Devices reported adjusted earnings of $1.73 per share for the period.

Analysts on average had expected the company to earn $1.71 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 22.8% to $2.51 billion from $3.25 billion last year.

Analog Devices earnings at a glance (GAAP) :

-Earnings (Q1): $462.73 Mln. vs. $961.47 Mln. last year. -EPS (Q1): $0.93 vs. $1.88 last year. -Analyst Estimates: $1.71 -Revenue (Q1): $2.51 Bln vs. $3.25 Bln last year.

-Guidance: Next quarter EPS guidance: $1.16 - $1.36 Next quarter revenue guidance: $2.00 - $2.20 Bln