NORWOOD, Mass. (AP) _ Analog Devices Inc. (ADI) on Wednesday reported fiscal second-quarter net income of $367.9 million.
On a per-share basis, the Norwood, Massachusetts-based company said it had profit of 98 cents. Earnings, adjusted for one-time gains and costs, were $1.36 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share.
The semiconductor maker posted revenue of $1.53 billion in the period, also surpassing Street forecasts. Nine analysts surveyed by Zacks expected $1.5 billion.
For the current quarter ending in August, Analog Devices expects its per-share earnings to range from $1.15 to $1.29. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.38.
The company said it expects revenue in the range of $1.4 billion to $1.5 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $1.56 billion.
Analog Devices shares have risen 16% since the beginning of the year, while the Standard & Poor's 500 index has risen 14%. The stock has risen nearly 5% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADI at https://www.zacks.com/ap/ADI