Analog Devices Shares Jump Following Strong Q2 Performance, Q3 Guidance
Investors in shares of Analog Devices (NYSE: ADI) are cheering Tuesday afternoon as the company posted better-than-expected second-quarter results and gave guidance which was solid.
Just ahead of 5PM EDT, Analog Devices shares are trading up nearly one percent to around $52.40.
Analog Devices said quarterly revenue totaled $694.536 million, up about five percent from the same quarter last year. On a quarter-over-quarter basis, the company's revenue figure was up about 11 percent.
Net income during the second quarter came to $187.43 million, or about $0.59 per diluted share. This figure was up more than 13 percent from the year-ago quarter and up nearly 23 percent sequentially.
Analysts on Wall Street had been expecting quarterly sales just under $671 million on profit per share of $0.56.
Analog Devices Pres and CEO Vincent Rochee said, "We had a very good second quarter, with our performance ahead of expectations. Our growth this quarter was broad-based, fueled by secular and seasonal strength, particularly in the industrial, communications infrastructure, and automotive markets, which accounted for 89% of our sales. We expect these trends to continue into the third quarter driving sequential revenue growth of 1% to 5% with strong profitability."
The company offered some third-quarter guidance, saying earnings are expected to be in the $0.60 to $0.64 per share. The Street estimate currently sits at $0.61.
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