ADI Analog Devices Inc

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)

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