MANHASSET, N.Y. Analog Devices Inc. (ADI) reported net earnings of $132 million, or 34 cents per share, on sales of $632 million for the fourth 2004 fiscal quarter ended Oct. 30, compared to $169 million, or 43 cents per share on sales of $717.8 million the previous quarter and $88 million, or 23 cents per share on sales of $557.5 million in the year-ago quarter.
Wall Street analysts expected ADI to earn 33 cents a share on $637 million in revenue in the fourth quarter, according to Thomson First Call.
The sequential sales decline was attributed to a weakening communications and automatic test equipment market, according to Jerald Fishman, president and chief executive of the Norwood, Mass., semiconductor supplier.
Fourth-quarter gross margin was 59.5 percent, up 370 basis points from a year ago but down 50 basis points from the previous quarter.
For fiscal 2004, Analog Devices earned $570.7 million, or $1.45 per share on sales of $2.63 billion, compared to $298.3 million, or 78 cents per share on sales of $2.04 billion a year ago.
Analog is projecting first fiscal 2005 quarter sales of $575 million to $600 million, with earnings per share of 28 to 31 cents.