By Dean Seal
Analog Devices lifted its profit in the spring quarter and revenue rebounded amid a cyclical recovery for the chip industry.
The Wilmington, Mass., chipmaker on Thursday posted a profit of $569.8 million, or $1.14 a share, for the fiscal second quarter ended May 3. That's up from $302.2 million, or 61 cents a share, in the same quarter a year earlier.
Stripping out one-time items, adjusted earnings were $1.85 a share. Analysts surveyed by FactSet had been expecting $1.70 a share.
Revenue jumped 22% to $2.64 billion, topping analyst estimates for $2.51 billion, according to FactSet.
Chip sales to industrial end markets, Analog's biggest revenue contributor, were up 17%. Automotive chip sales were up 24% while consumer markets logged a 30% top-line gain and communications markets nabbed a 32% climb.
The company's bookings accelerated during the quarter across all end markets and regions, swelling the company's backlog, Chief Financial Officer Richard Puccio said.
The improving demand signals are giving Analog Devices confidence that growth will continue in the fiscal third quarter that started May 4.
The company is forecasting third-quarter revenue of $2.65 billion to $2.85 billion, above current analyst projections for $2.61 billion. Earnings are expected to hit $1.13 to $1.33 a share in the quarter, or $1.82 to $2.02 a share on an adjusted basis. Analysts had been targeting adjusted earnings of $1.80 a share, according to FactSet.
Shares rose 3.4% to $229.69 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 22, 2025 07:31 ET (11:31 GMT)
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