Analog Devices Q2 Profit Declines

(RTTNews) - Analog Devices Inc. (ADI) reported that its net income for its second quarter of fiscal 2019 declined to $367.94 million or $0.98 per share from $400.33 million or $1.06 per share in the same quarter last year.

Adjusted earnings per share was $1.36 down from $1.50 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.30 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter declined to $1.53 billion from $1.56 billion last year. Analysts expected revenue of $1.50 billion for the quarter.

The company declared a quarterly cash dividend of $0.54 per outstanding share of common stock. The dividend will be paid on June 11, 2019 to all shareholders of record at the close of business on May 31, 2019.

For the third quarter of fiscal 2019, the company forecasts revenue of $1.45 billion, plus or minus $50 million. It expects earnings per share to be $0.86, plus or minus $0.07, and adjusted earnings per share to be $1.22, plus or minus $0.07. Wall Street currently is looking for the third-quarter earnings of $1.38 per share on revenues of $1.55 billion for the quarter.