Analog Devices 3Q Profit, Sales Rise Amid Demand Strength
17 Agosto 2022 - 8:48AM
Dow Jones News
By Will Feuer
Analog Devices Inc. said its profit and sales for the fiscal
third quarter rose as the semiconductor company cited demand
strength despite economic uncertainty.
The semiconductor company posted net income of $749 million,
compared with $503.3 million in the year-ago period. Earnings were
$1.44 a share, compared with $1.35 a share.
Earnings adjusted for acquisition-related costs and other
one-time items were $2.52 a share. Analysts polled by FactSet were
expecting adjusted earnings of $2.43 a share.
Sales for the three months ended July 30 rose 77%, to $3.11
billion. Analysts were looking for sales of $3.06 billion,
according to FactSet.
Sales growth was bolstered by strength in the automotive and
consumer end markets, both of which saw quarterly revenue more than
double from a year earlier. Quarterly revenue from the industrial
end market grew 55% from a year earlier and makes up half of the
company's total sales.
"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.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
August 17, 2022 07:33 ET (11:33 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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