Analog Devices Lifts Q3 Outlook Above Market On Better Than Expected Demand

(RTTNews) - Analog Devices, Inc. (ADI), a high-performance analog technology company, on Monday raised its financial guidance for the third quarter.

The company now expects earnings per share to be $0.91, plus or minus $0.07, and adjusted earnings per share of $1.33, plus or minus $0.05. This compares to previous guidance for reported earnings per share of $0.72, plus or minus $0.11, and adjusted earnings per share of $1.08, plus or minus $0.11.

The company currently anticipates revenue of approximately $1.45 billion, plus or minus $30 million. This compares to previous guidance of $1.32 billion, plus or minus $70 million.

On average, 21 analysts polled by Thomson Reuters expect earnings of $1.08 per share on revenues of $1.32 billion for the quarter. Analysts' estimates typically exclude special items.

The company attributed the increase in outlook to better than expected demand across ADI's end markets with particular strength in Communications and Industrial. This upside in demand has resulted in less cancellations and higher than anticipated backlog conversion.