SAN FRANCISCO—Analog Devices Inc. Tuesday (Feb. 15) reported sales for the quarter ended Jan. 29 in line with consensus analysts' expectations and the company projected further growth in the first quarter.
ADI (Norwood, Mass.) reported sales for the quarter of $729 million, down 5 percent from the previous quarter but up 21 percent compared with the year-ago quarter. The company reported a net income for the quarter of $222.1 million, down 1 percent compared with the previous quarter but up 84 percent compared with the year-ago quarter.
Consensus analysts' expectations called for ADI to post sales for the quarter of about $728 million, according to Yahoo Finance.
ADI's gross margin for the quarter was 66.2 percent, down from 67 percent in the previous quarter but up from 61.1 percent in the year-ago quarter.
Inventory increased by $6 million, or 2 percent, in the fourth quarter, ADI said. Days in inventory was 105 days at the end of the first quarter, up from 100 days at the end of the immediately prior quarter, ADI said.
ADI said it expects revenue for the current quarter to be flat to up 4 percent sequentially, a range of $730 million to $760 million. Consensus analysts' expectations called for ADI to guide for revenue of about $727 million, according to Yahoo Finance.