Analog Devices Q3 Profit Down, Adj. EPS Beats Market

(RTTNews) - Semiconductor company Analog Devices Inc. (ADI) reported Wednesday weak profit in its third quarter on lower revenues. Adjusted earnings, however, beat market estimates.

For the third quarter, the company's net income declined to $392.23 million from last year's $877.02 million. Earnings per share were $0.79, down 55% from last year's $1.74.

Adjusted earnings per share were $1.58, compared to prior year's $2.49.

Analysts on average expected the company to report earnings of $1.51 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Revenue of $2.31 billion declined 25 percent from $3.08 billion a year ago. The Street was looking for revenues of $2.27 billion for the quarter.

In pre-market activity on the Nasdaq, Analog Devices shares were gaining around 1.1 percent to trade at $225.85.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.