Analog Devices Q1 Profit Increases, beats estimates

(RTTNews) - Analog Devices (ADI) reported earnings for its first quarter that increased from the same period last year and beat the Street estimates.

The company's earnings came in at $961.47 million, or $1.88 per share. This compares with $280.08 million, or $0.53 per share, in last year's first quarter.

Excluding items, Analog Devices reported adjusted earnings of $2.75 per share for the period.

Analysts on average had expected the company to earn $2.60 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 21.3% to $3.25 billion from $2.68 billion last year.

Analog Devices earnings at a glance (GAAP) :

-Earnings (Q1): $961.47 Mln. vs. $280.08 Mln. last year. -EPS (Q1): $1.88 vs. $0.53 last year. -Analyst Estimate: $2.60 -Revenue (Q1): $3.25 Bln vs. $2.68 Bln last year.

-Guidance: Next quarter EPS guidance: $2.65 - $2.85 Next quarter revenue guidance: $3.10 - $3.30 Bln