Analog Devices gave guidance for the upcoming quarter of $0.66 to $0.70 in earnings per share and $790 million to $820 million in revenues. The Thomson Reuters consensus estimates are $0.67 in earnings per share and $761.2 million in revenues for the fourth quarter.
Towards the end of this quarter, Analog completed its acquisition of Hittite Microwave Corporation which specializes in critical radio frequency, microwave and millimeter wave technology. By adding this to its portfolio, Analog has opened itself up to more opportunities in different fields such as aerospace and defense, industrial and communications.
The President and CEO, Vincent Roche, had this to say about Analog’s strong quarter,
“Profitability and cash flow continued to be strong and we returned $173 million to the shareholders through cash dividends and share repurchases […] With the addition of Hittite, we are planning for revenue in the fourth quarter to be in the range of $790 million to $820 million.”
Analog Devices shares closed up 0.5% at $52.21 and the after-hours reaction was a move marginally lower by 0.4% to $52.00 within the first hour of the close. The 52-week range is $45.28 to $56.18 and the consensus analyst price target is $57.01.
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