WILMINGTON, Mass. (AP) — WILMINGTON, Mass. (AP) — Analog Devices Inc. (ADI) on Wednesday reported fiscal first-quarter profit of $830.8 million.
On a per-share basis, the Wilmington, Massachusetts-based company said it had profit of $1.69. Earnings, adjusted for one-time gains and costs, were $2.46 per share.
The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.30 per share.
The semiconductor maker posted revenue of $3.16 billion in the period, also surpassing Street forecasts. Nine analysts surveyed by Zacks expected $3.12 billion.
For the current quarter ending in April, Analog Devices expects its per-share earnings to range from $2.73 to $3.03.
The company said it expects revenue in the range of $3.4 billion to $3.6 billion for the fiscal second quarter.
Analog Devices shares have risen 24% since the beginning of the year, while the S&P’s 500 index has stayed nearly flat. The stock has climbed 57% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADI at https://www.zacks.com/ap/ADI