Aaron McDade
1 min read
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Analog Devices topped fiscal second-quarter estimates on Thursday, with revenue growing across each of its segments.
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The chipmaker also forecast third-quarter sales and profits largely above the analyst consensus.
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Executives said Analog Devices is in the midst of a "cyclical recovery" as sales rise.
Analog Devices (ADI) on Thursday reported better fiscal second-quarter results than analysts had expected as sales rose across all of the chipmaker's segments.
Second-quarter revenue rose 22% from the same time a year ago to $2.64 billion, while adjusted earnings per share rose 32% to $1.85. Each metric also topped the analyst consensus compiled by Visible Alpha.
“Against a backdrop of global trade volatility, our performance reflects the ongoing cyclical recovery, and the strength and resiliency of our business model," CEO Vincent Roche said.
CFO Richard Puccio also said that the company saw "improving demand signals" across its business in the quarter, which "reinforce our view that we are in a cyclical upturn."
Sales rose year-over-year across each of Analog's four segments: industrial, automotive, consumer, and communications. The company said it expects third-quarter revenue between $2.65 billion and $2.85 billion, with adjusted EPS forecast from $1.82 to $2.02, each largely above what analysts currently project.
Shares were little changed in recent trading. They are up slightly since the start of the year, but are below record levels set following last quarter's report that also saw its dividend raised and stock buyback plan boosted.
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