Analog Devices Inc. (NASDAQ: ADI) released its most recently quarterly results before the markets opened on Wednesday and watched its shares hit a 17-year high. The company posted $1.03 in earnings per share (EPS) on $1.15 billion in revenue, compared with consensus estimates from Thomson Reuters of $0.84 in EPS and revenue of $1.1 billion. The fiscal second quarter of last year reportedly had EPS of $0.64 and $778.77 million in revenue.
Linear Technology had a $208.3 million contribution to total revenues for the quarter. This number is expected to grow going forward as this segment was just acquired in March.
In terms of the guidance for the fiscal third quarter, the company expects to see EPS in the range of $1.07 to $1.21 and revenues between $1.37 billion and $1.45 billion. The consensus estimates are $1.04 in EPS and $1.36 billion in revenue for the quarter.
ADI also announced that the board of directors declared a quarterly cash dividend of $0.45 per outstanding share of common stock, representing an annual dividend per share of $1.80. The dividend will be paid on June 20 to all shareholders of record at the close of business on June 9.
On the books, ADI cash and cash equivalents ended the period at $5.70 billion, up from $1.12 billion in the same period from last year.
Vincent Roche, president and CEO, commented:
The second quarter of 2017 was a period of significant success. Business conditions during the quarter were strong, and our results were above the high end of our revised guidance range led by broad-based strength, particularly in the industrial end market. In addition, we closed the acquisition of Linear Technology Corporation and are on track with our integration activities. This acquisition creates a high-performance analog industry powerhouse, and I am confident that we are well on our way to creating tremendous value for our customers, employees, and shareholders.
Shares of Analog Devices were last seen up 4.4% at $88.57 on Wednesday, with a consensus analyst price target of $91.71 and a 52-week range of $52.17 to $90.49.