By Dave Sebastian

Analog Devices Inc. said its profit for the fiscal second quarter rose along with economic recovery and as it navigated supply-chain challenges.

The semiconductor company on Wednesday posted net income of $422.9 million, compared with $267.7 million in the prior year. Earnings were $1.14 a share, compared with 72 cents a share in the year-ago period.

Adjusted earnings were $1.54 a share. Analysts polled by FactSet were expecting $1.45 a share.

For the quarter ended May 1, revenue rose 26%, to $1.66 billion. Analysts were looking for $1.61 billion.

The company's decision to invest in additional capacity has helped it navigate supply-chain challenges, President and Chief Executive Vincent Roche said.

"The economic recovery has materialized faster and stronger than initially anticipated, increasing pressure across supply chains globally," Mr. Roche said.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

May 19, 2021 07:25 ET (11:25 GMT)

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