NORWOOD, Mass. (AP) _ Analog Devices Inc. (ADI) on Wednesday reported fiscal first-quarter net income of $355 million.
On a per-share basis, the Norwood, Massachusetts-based company said it had profit of 95 cents. Earnings, adjusted for one-time gains and costs, were $1.33 per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.28 per share.
The semiconductor maker posted revenue of $1.54 billion in the period, also surpassing Street forecasts. Ten analysts surveyed by Zacks expected $1.51 billion.
For the current quarter ending in May, Analog Devices expects its per-share earnings to range from $1.23 to $1.37.
The company said it expects revenue in the range of $1.45 billion to $1.55 billion for the fiscal second quarter.
Analog Devices shares have increased 21 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 11 percent. The stock has climbed 21 percent in the last 12 months.