WILMINGTON, Mass. (AP) — WILMINGTON, Mass. (AP) — Analog Devices Inc. (ADI) on Wednesday reported fiscal first-quarter net income of $391.3 million.
The Wilmington, Massachusetts-based company said it had net income of 78 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.63 per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.54 per share.
The semiconductor maker posted revenue of $2.42 billion in the period, also topping Street forecasts. Ten analysts surveyed by Zacks expected $2.36 billion.
For the current quarter ending in April, Analog Devices expects its per-share earnings to range from $1.58 to $1.78.
The company said it expects revenue in the range of $2.4 billion to $2.6 billion for the fiscal second quarter.
Analog Devices shares have climbed almost 4% since the beginning of the year, while the S&P's 500 index has climbed 29%. The stock has climbed 17% 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
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