Analog Devices (ADI) Q2 profit dips 27% but beats estimates

Analog Devices, Inc. (NASDAQ: ADI) reported its financial results for the quarter ended May 2, 2020, on Wednesday before the market opens. The bottom line exceeded analysts’ expectations while the top line missed consensus estimates.

Analog Devices posted a 27% dip in earnings for the second quarter of 2020 due to lower revenue. The company has moved with speed and agility to pivot supply chain and meet customer demand, expediting production and shipments of essential products, including solutions used in medical equipment in the fight against COVID-19.

For the third quarter, the company expects revenue of $1.32 billion, plus or minus $70 million, and reported EPS to be $0.72, plus or minus $0.11. The adjusted EPS is predicted to be $1.08, plus or minus $0.11. The board of directors has declared a quarterly cash dividend of $0.62 per outstanding share of common stock. The dividend will be paid on June 9, 2020, to all shareholders of record at the close of business on May 29, 2020.

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