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Analog Devices quarterly profit rises on strong revenue

Analog Devices Inc.'s quarterly earnings surged in its second fiscal quarter, driven by strong revenue growth.

The chip-maker's net income came in at $379.8 million, or $1.01 per diluted share, in the quarter that ended May 5, up from $93.6 million, or 27 cents per share, in the same period last year.

Non-GAAP diluted EPS was $1.45, up from $1.03 and above S&P Capital IQ's consensus normalized EPS estimate of $1.37.

Revenue stood at $1.51 billion for the quarter, up from $1.15 billion. Revenue from the industrial market rose to $788.3 million from $536.4 million, while automotive revenue totaled $238.8 million, up from $185.9 million.

Consumer revenue came in at $198.1 million, down from $211.6 million, while communications revenue rose to $287.9 million from $214.1 million.

For the third fiscal quarter, Analog Devices expects GAAP EPS in the range of 96 cents to $1.10 and non-GAAP EPS in the range of $1.38 to $1.52.