Analog Devices 2Q Profit, Sales Rise Amid Supply Constraints
May 18 2022 - 7:43AM
Dow Jones News
By Will Feuer
Analog Devices Inc. said its profit and sales for the fiscal
second quarter rose as the semiconductor company expanded its
adjusted operating margins amid a surge in demand and limited
supply.
The semiconductor company posted net income of $783.3 million,
compared with $422.9 million in the year-ago period. Earnings were
$1.49 a share, compared with $1.14 a share.
Adjusted for acquisition-related costs and other one-time items,
adjusted earnings were $2.40 a share. Analysts polled by FactSet
were expecting adjusted earnings of $2.11 a share.
Sales for the three months ended April 30 rose 79%, to $2.97
billion. Analysts were looking for $2.84 billion, according to
FactSet.
The company said adjusted operating margin rose to 50.3% from
41.7%.
"ADI delivered its fifth consecutive quarter of record revenue,
illustrating the unprecedented demand for our technologies and our
ability to increase output in a challenging supply backdrop," Chief
Executive Vincent Roche said.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
May 18, 2022 07:28 ET (11:28 GMT)
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