Shares of Analog Devices Inc. were up 4% in premarket trading Tuesday after the chip company topped earnings expectations for its latest quarter and issued an upbeat outlook. The company posted fiscal fourth-quarter net income of $936 million, or $1.82 a share, compared with $76 million, or 16 cents a share, in the year-earlier period. On an adjusted basis, Analog Devices earned $2.73 a share, up from $1.73 a share a year before. Analysts tracked by FactSet were anticipating $2.58 a share in adjusted earnings. Revenue rose to $3.25 billion from $2.34 billion, while analysts were expecting $3.15 billion. For the fiscal first quarter, executives at Analog Devices model revenue of $3.05 billion to $3.25 billion, along with adjusted earnings per share of $2.50 to $2.70. The FactSet consensus was for $3.04 billion in revenue and $2.42 in adjusted EPS. “While the economic backdrop continues to cause demand uncertainty, we are well-positioned in the near-term with stabilizing orders, a strong backlog, and continued design win momentum,” Chief Executive Vincent Roche said in a release.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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