Analog Devices meets mark
February 14, 2002: 7:25 p.m. ET
money.cnn.com
But microchip maker says income fell due to reduced customer sales.
NORWOOD (Reuters) - Microchip maker Analog Devices Inc. on Thursday said first-quarter net income, excluding charges, tumbled 78 percent on a pro forma basis due to sharply reduced sales to communications customers.
The company said revenue could show a sequential gain of 3-to-5 percent in the second quarter on improved customer orders. But Analog Devices' second-quarter earnings forecast is below some Wall Street estimates.
After the market closed, Analog Devices (ADI: down $0.66 to $39.96, Research, Estimates), whose chips process signals in PCs and wireless phones, reported net income, before amortization and acquisition expenses, of $40.9 million, or 11 cents a share. That compared with net income of $190.15 million, or 50 cents a share, in the year-ago quarter.
Analysts were looking for Analog to earn 10 cents-to-12 cents a share, according to Thomson Financial/First Call. |
