MANHASSET, N.Y. Analog Devices posted net earnings of $121.4 million, or 32 cents per share on sales of $582.4 million for the third fiscal quarter ended July 30. Sales declined 4 percent from $603.7 million the previous quarter, while earnings rose 3 percent from $117.6 million.
Analog Devices (Norwood, Mass.) met the lowered guidance
issued last week, which the company attributed to reduced handset sales.
Jerald Fishman, president and chief executive of Analog Devices, said, "Sales to medical, defense and industrial instrumentation customers increased in the third quarter compared to the immediately prior quarter, but were offset by declines in sales to automatic test equipment (ATE) and automotive customers. The communications market was generally weak due to lower sales of products used in wireless and broadband applications."
For the fourth quarter, Analog Devices expects sales to grow sequentially 1 to 4 percent, with earnings per share of 32 to 34 cents.