This post was originally published on this site
Shares of Analog Devices (NASDAQ:ADI) are trading higher Wednesday after the company offered better-than-expected guidance for its second fiscal quarter.
For the first quarter, Analog Devices reported EPS of $2.75 on revenue of $3.25 billion, easily ahead of the consensus for earnings of $2.61 per share on sales of $3.15B. Revenue increased by 21% year-over-year with industrial revenue hitting $1.69B.
“ADI continues to execute exceptionally well with revenue growth of 21% year-over-year and record earnings per share,” said Vincent Roche, CEO and Chair. “Encouragingly, despite the macro uncertainty, demand remains resilient in our Industrial and Automotive markets, driven by continued momentum across secular growth areas, such as automation and electrification.”
For this quarter, the company sees EPS of $2.75 (up or down 10 cents) on revenue of $3.2B (up or down $100 million). Analysts were looking for earnings of $2.42 per share on sales of $3.03B.
Mizuho analysts especially highlighted the “much better” guide for this quarter.
