Analog Devices Q2 Results Down, Yet Beat View; Sees Q3 EPS Below Market View

(RTTNews) - Analog Devices, Inc. (ADI) reported Wednesday that its second-quarter net income declined to $170.57 million from last year's $205.34 million. Earnings per share were $0.55, compared to $0.65 a year ago.

Adjusted earnings per share were $0.64, compared to $0.73 in the prior year. On average, 25 analysts polled by Thomson Reuters expected earnings of $0.62 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue totaled $778.77 million, down 5% from $821.02 million in the prior year. Analysts were looking for sales of $777.58 billion.

Looking ahead, for the third quarter, the company expects earnings per share of $0.60 to $0.68 on a reported basis and $0.66 to $0.74 on an adjusted basis. Analysts expect earnings of $0.75 per share for the quarter.

Vincent Roche, President and CEO, said, "Looking ahead, stable order flows in the B2B markets lead us to plan for a largely seasonal third quarter in these markets, and for sequential revenue growth to resume in the consumer market. Importantly for ADI, we expect our B2B markets, in the aggregate, to grow in the mid-to-high single digits on a year-over-year basis in the third quarter."

ADI also announced that the Board of Directors has declared a cash dividend of $0.42 per share of common stock. The dividend will be paid on June 7 to all shareholders of record at the close of business on May 27.