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Analog devices (NASDAQ:ADI) rose more than 4% in premarket trading on Wednesday after the analog semiconductor company reported better-than-expected first-quarter results and guidance.
For the period ending January 28, Analog Devices (ADI) earned an adjusted $2.75 per share on $3.25B in revenue, up 21% year-over-year. Analysts were looking for $2.60 a share in earnings and $3.15 billion in revenue.
Analog Devices (ADI) CEO and President Vincent Roche attributed the company’s performance to “resilient” demand in the industrial and automotive markets, along with continued momentum in areas such as automation and electrification.
Looking ahead to the second quarter, Analog (ADI) expects revenue to be between $3.1B and $3.3B, beating analyst consensus of $3.03B.
It also expects operating margins of around 34.7%, plus or minus 130 basis points, and an adjusted operating margin of 51%, plus or minus 70 basis points.
Analog Devices (ADI) forecasts adjusted earnings per share between $2.65 and $2.85, compared with analyst expectations of $2.42 per share.
Competitors Texas Instruments (TXN) and NXP Semiconductors (NXPI) rose fractionally in premarket trading after results from Analog Devices (ADI).
On Tuesday, Analog Devices (ADI) said it would increase its quarterly dividend by 13.2% to 86 cents per share, payable on March 8 to shareholders of record as of February 27.