Analog Devices Q2 Profit Rises; Revenue Up 10%

(RTTNews) - Analog Devices (ADI) reported second-quarter net profit of $977.7 million or $1.92 per share compared to profit $783.3 million or $1.49 per share, prior year. Adjusted profit per share was $2.83 compared to $2.40, prior year. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $2.75, for the quarter. Analysts' estimates typically exclude special items. Revenue was $3.26 billion, up 10% from a year ago. Analysts on average had estimated $3.21 billion in revenue. For the third quarter, the company is forecasting revenue of $3.10 billion, plus/minus $100 million. The company is planning for adjusted EPS to be $2.52, plus/minus $0.10. Analysts expect the company to report profit per share of $2.65.

The ADI Board has declared a quarterly cash dividend of $0.86 per outstanding share of common stock. The dividend will be paid on June 14, 2023 to all shareholders of record at the close of business on June 5, 2023.

Shares of Analog Devices are down 4% in pre-market trade on Wednesday.

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