By RTT News,
February 18, 2014, 04:24:00 PM EDT
(RTTNews.com) - Analog Devices, Inc. ( ADI ), a global leader in high-performance semiconductors for signal processing applications, reported that its first-quarter net income increased to $152.59 million or $0.48 per share, from $131.22 million or $0.42 per share, last year. Non-GAAP earnings per share was $0.49 for the quarter.
On average, 27 analysts polled by Thomson Reuters expected the company to report profit per share of $0.48 for the quarter. Analysts' estimates typically exclude special items.
Revenue totaled $628.24 million, compared to $622.13 million, a year ago. Analysts expected revenue of $628.85 million for the quarter.
The company expects its second-quarter revenue to be in the range of $660 million to $680 million; and earnings per share of $0.54 to $0.58. Analysts expect the company to report second-quarter profit per share of $0.55 on revenue of $663.95 million.
Analog Devices also announced that its Board has approved a 9 percent increase in its regular quarterly dividend, from $0.34 to $0.37 per outstanding share of common stock. The dividend will be paid on March 11, 2014 to all shareholders of record at the close of business on February 28, 2014.
The Board also approved an increase to the company's share repurchase authorization to $1 billion. As of February 1, 2014, the company had $443 million remaining under its previous authorization.
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