WILMINGTON, Mass. (AP) — WILMINGTON, Mass. (AP) — Analog Devices Inc. (ADI) on Wednesday reported fiscal third-quarter earnings of $518.5 million.
The Wilmington, Massachusetts-based company said it had net income of $1.04 per share. Earnings, adjusted for costs related to mergers and acquisitions and pretax expenses, were $2.05 per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.93 per share.
The semiconductor maker posted revenue of $2.88 billion in the period, which also beat Street forecasts. Ten analysts surveyed by Zacks expected $2.76 billion.
For the current quarter ending in October, Analog Devices expects its per-share earnings to range from $2.12 to $2.32.
The company said it expects revenue in the range of $2.9 billion to $3.1 billion for the fiscal fourth quarter.
Analog Devices shares have climbed 8.5% since the beginning of the year, while the S&P’s 500 index has risen 9%. The stock has risen 2% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADI at https://www.zacks.com/ap/ADI
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