Analog Devices Tops Forecasts

Analog Devices, said late Tuesday Q3 net income fell to $120 million ($0.37/share), down from $145 million $0.39/share) last year. The leading maker of analog and digital integrated circuits said Q3 revenue edged up 3% to $680 million, from $664 million a year ago. The results topped Wall Street forecasts of $0.36/share on revenue of $672.2 million. ADI forecasted FQ4 EPS between $0.36 $0.40 cents and revenue from $680 million to $710 million. “The third quarter was another solid quarter for ADI, turning out largely as we had planned in terms of our revenue growth, product sales mix, and operating expenses,” said CEO Jerald G. Fishman (see full earnings call transcript). “Order rates remained strong during the third quarter in both the OEM and distribution channels.” ADI's thousands of chip designs are used by companies such as Alcatel-Lucent, Dell, Ericsson, Philips, Siemens, Sony, and Ford. Shares fell 1.1% in AH trading; they are up almost 15% YTD.

Sources: Press release, Reuters, MarketWatch
Commentary: Earnings Provide Chance For a Quick Analog Devices Trade This AM
Stocks/ETFs to watch: ADI. Competitors: STM, TXN

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