Analog Devices' (ADI) Beat and Raise Quarter
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Analog Devices Inc. (NYSE: ADI) showed better-than-expected results for the fourth quarter as sales for its automotive and consumer segments jumped.
The company reported third-quarter earnings of 36 cents per share, 10 cents better than the market consensus of 26 cents per share. Revenue for the quarter was $572 million, well ahead of the analyst estimate of $522.8 million, but down from the $660.7 million in the year-ago quarter.
The maker of chips for cars, video game consoles and defense equipment said Monday that it had net income of $105.6 million, dropping from the same quarter last year when Analog Devices' profit was at $143.9 million.
“We remain focused on increasing operating leverage, while continuing to drive revenue by aligning our investments with sustainable, high growth opportunities where ADI's innovative technology makes a fundamental difference to our customers' competitiveness," said Jerald G. Fishman, Analog Devices President and CEO.
The company forecasts 2010 first-quarter earnings of 36 to 37 cents per share, compared to the analyst consensus of 28 cents per share.
Shares of for Analog Devices closed Monday at $27.94, and rose 1.29 percent to $28.30 in extended trading.
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