By Matt Grossman

Analog Devices Inc. Tuesday posted a larger profit for the fourth quarter as revenue rose in the company's three largest business segments.

The Norwood, Mass.-based integrated-circuit maker said its fourth-quarter profit rose to $386.5 million, or $1.04 a share, from $277.7 million, or 74 cents a share, in the year-ago period.

Adjusting for one-time items profit was $1.44 a share. Analysts polled by FactSet had forecast an adjusted profit of $1.33 a share.

Revenue was $1.53 billion, up from $1.44 billion in last year's fourth quarter. Analysts were expecting revenue of $1.45 billion.

Revenue in the company's industrial, communications and automotive segments all rose year over year, with communications revenue notching the largest proportional gain, a 19% improvement. Consumer revenue declined 17% year over year to $172.6 million.

Operating expenses declined to $561.4 million, from $603.8 million in the year-ago period.

Analog Devices said it will pay a dividend of 62 cents a share on Dec. 15.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

November 24, 2020 08:32 ET (13:32 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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