WILMINGTON, Mass. (AP) — WILMINGTON, Mass. (AP) — Analog Devices Inc. (ADI) on Wednesday reported fiscal second-quarter profit of $1.18 billion.
The Wilmington, Massachusetts-based company said it had profit of $2.40 per share. Earnings, adjusted for costs related to mergers and acquisitions, were $3.09 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.89 per share.
The semiconductor maker posted revenue of $3.62 billion in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $3.51 billion.
For the current quarter ending in July, Analog Devices expects its per-share earnings to range from $3.15 to $3.45.
The company said it expects revenue in the range of $3.8 billion to $4 billion for the fiscal third quarter.
Analog Devices shares have risen 53% since the beginning of the year, while the S&P’s 500 index has climbed slightly more than 7%. The stock has increased 85% 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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