Analog Devices 1Q Revenue Growth Spans Business Segments, Gross Margin Improves
February 17 2021 - 8:49AM
Dow Jones News
By Matt Grossman
Analog Devices Inc. Wednesday posted stronger sales across its
divisions for the first fiscal quarter, according to what the
company described as an industry-wide recovery following the
initial effects of the coronavirus pandemic.
The Wilmington, Mass.-based electrical-components company said
earnings rose to $1.04 a share, up from 55 cents a share in the
same quarter one year earlier. Net income was $388.5 million,
compared with $203.9 million in 2020's first quarter.
The company's adjusted earnings were $1.44 a share. Analysts
surveyed by FactSet had forecast a first-quarter adjusted profit of
$1.33 a share.
Analog Devices' revenue rose 20% to $1.56 billion, from $1.3
billion in the year-ago period. Analysts were expecting revenue of
$1.51 billion.
Continued momentum in bookings and lean industry-wide inventory
levels have given the company confidence that a broad recovery is
underway, Chief Executive Vincent Roche said.
Sales grew fastest in the company's industrial segment, which
saw sales rise 24% to $855.5 million. Communications sales climbed
16% to $281 million, while Automotive sales improved by 19% to
$245.3 million.
Consumer sales rose 5% to $176.7 million.
The company's gross margin percentage improved to 67.1%, from
65.1% a year earlier.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
February 17, 2021 08:34 ET (13:34 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Analog Devices (NASDAQ:ADI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Analog Devices (NASDAQ:ADI)
Historical Stock Chart
From Sep 2023 to Sep 2024