DJ Analog Devices Beats On Earnings, But Stock Falls -- MarketWatch
7:29 AM ET 8/17/22 | MarketWatch
Shares of Analog Devices Inc. were down 2.8% in premarket trading Wednesday after the semiconductor company topped expectations with its latest results while citing strong demand but acknowledging that macroeconomic uncertainty had begun to affect bookings. The company posted net income of $749 million, or $1.44 a share, compared with $503 million, or $1.35 a share, in the year-prior period. After adjustments, Analog Devices earned $2.52 a share, up from $1.72 a year before, while analysts were expecting $2.43 a share. Revenue increased to $3.11 billion from $1.76 billion. The FactSet consensus was for $3.06 billion. "While economic uncertainty is beginning to impact bookings, demand continues to outpace supply, resulting in higher backlog, paving the way for a strong finish to a banner year," Chief Executive Vincent Roche said in a release. For the fiscal fourth quarter, Analog Devices anticipates $3.05 billion to $3.25 billion in revenue as well as $2.47 to $2.67 in adjusted earnings per share. Analysts were looking for $3.11 billion in fiscal fourth-quarter revenue, along with $2.50 in adjusted EPS. Shares have gained about 9% over the past three months as the S&P 500 has risen 5%.
-Emily Bary
For more from MarketWatch: marketwatch.com
 |
