Analog Devices Inc. (ADI) reported revenues of $1.51 billion for the second quarter of 2018, an increase of 32% compared to the prior-year period. The increase in revenues was driven by R&D investments and a double-digit B2B revenue growth.
GAAP net income increased to $379 million or $1.01 per diluted share, from $93 million or $0.27 per diluted share in the prior year period. Adjusted diluted EPS was $1.45. Analog’s quarterly revenue and adjusted EPS results beat analyst expectations, leading to a 1.4% rise in the stock during premarket hours.
In Industrial, Analog saw year-over-year revenue growth of 47% leading to total revenues of $788 million during the quarter for this end-market. In Automotive, revenues grew 28% to $238 million, while in Communications, it grew 34% to $287 million. Consumer revenues declined 6% during the quarter amounting to $198 million.
For the third quarter of 2018, the company expects revenues to be $1.47 billion to $1.55 billion. GAAP EPS is expected to be $0.96 to $1.10 while non-GAAP EPS is projected to be in the range of $1.38 to $1.52. Analog Devices expects B2B markets to deliver double-digit growth in the third quarter.
Analog Board of Directors declared a quarterly cash dividend of $0.48 per outstanding share of common stock, payable on June 19, 2018 to all shareholders as on June 8, 2018.
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