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Analog Devices posts higher income as revenue surges

Analog Devices Inc. posted higher income year over year for its fiscal first quarter, driven by a 54.3% gain in revenue.

The chip maker's net income for the quarter that ended Feb. 3 came in at $268.2 million, or 71 cents per diluted share, up from $217.1 million, or 69 cents per share, in the quarter ending Jan. 28, 2017.

Revenue surged to $1.52 billion for the quarter, up from $984.45 million in the year-ago quarter.

The company's industrial segment posted $743.6 million in revenue, making it the main driver of Analog Devices' overall results. Automotive revenue was $252.2 million, while revenues from the consumer and communications businesses were $238.5 million and $284.3 million, respectively.

Operating income came in at $405.3 million for the quarter, up from $266.3 million in the prior-year period. Total operating expenses were $629.8 million from $382.2 million.

Analog Devices said it expects its fiscal second-quarter GAAP EPS to range from 87 cents to $1.01, up from its fiscal first-quarter forecast of 79 cents to 95 cents.