Analog Devices Q1 Results Top Estimates

(RTTNews) - Analog Devices, Inc. (ADI) reported net income for the first quarter of $178.8 million or $0.57 per share, compared to $152.6 million or $0.48 per share for the year-ago quarter.

Excluding items, adjusted earnings per share for the first quarter increased to $0.63 from $0.49 in the prior year quarter.

Revenue for the first quarter rose 23% to $771.99 million from $628.24 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.61 per share on revenue of $760.54 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts revenue of $810 million to $830 million, earnings of $0.62 to $0.66 per share and adjusted earnings of$0.70 to $0.74 per share. Analyst currently expect the company to earn $0.69 per share on revenue of $806.84 million for the second quarter.

The company also said that its Board of Directors has approved an 8% increase in its quarterly cash dividend, from $0.37 to $0.40 per share. The increased quarterly dividend will be paid on March 10 to all shareholders of record on February 27.