Analog Devices reports profit and revenue that topped expectations, outlook is in range of forecasts

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Shares of Analog Devices Inc. were little changed in premarket trading Wednesday, after the semiconductor company reported fiscal third-quarter earnings that topped expectations, while providing an outlook that was in range of forecasts. Net income for the quarter to Aug. 1 was $362.7 million, or 97 cents a share, after income of $362.4 million, or 97 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share rose to $1.36 from $1.26, above the FactSet consensus of $1.30. Revenue slipped 2% to $1.46 billion, but topped the FactSet consensus of $1.44 billion. For the fourth quarter, the company expects adjusted EPS of $1.32, plus or minus 10 cents, compared with the FactSet consensus of $1.25; revenue is expected to be $1.44 billion, plus or minus $70 million, compared with expectations of $1.42 billion. The stock has slipped 0.8% year to date through Tuesday, while the PHLX Semiconductor Index has rallied 19.7% and the S&P 500 has gained 4.9%.
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