Analog Devices Q2 Profit Decreases, But Beats Estimates

(RTTNews) - Analog Devices (ADI) reported a profit for second quarter that decreased from last year but beat the Street estimates.

The company's earnings came in at $302.24 million, or $0.61 per share. This compares with $977.65 million, or $1.92 per share, in last year's second quarter.

Excluding items, Analog Devices reported adjusted earnings of $778.27 million or $1.40 per share for the period.

Analysts on average had expected the company to earn $1.26 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 33.7% to $2.16 billion from $3.26 billion last year.

Analog Devices earnings at a glance (GAAP) :

-Earnings (Q2): $302.24 Mln. vs. $977.65 Mln. last year. -EPS (Q2): $0.61 vs. $1.92 last year. -Revenue (Q2): $2.16 Bln vs. $3.26 Bln last year.

-Guidance: Next quarter EPS guidance: $1.40-$1.60 Next quarter revenue guidance: $2.17bln - $2.37bln