Analog Devices forecasts upbeat results on strong industrial demand
The chipmaker has benefited from increased demand in its industrial segment, resulting in healthy bookings trends and growth in its order backlog, as manufacturers pulled forward shipments amid shifting U.S. tariff policies.
Shares of the Wilmington, Massachusetts-based company rose about 4 per cent in premarket trading.
The company forecast fourth-quarter revenue of $3.00 billion, plus or minus $100 million, above analysts' estimates of $2.82 billion, according to data compiled by LSEG.
On an adjusted basis, the company expects fourth-quarter, profit per share to be $2.22, plus or minus 10 cents, above analysts' estimates of $2.03.
"We closed the third quarter with continued backlog growth and healthy bookings trends, notably in the Industrial end market," said CEO Vincent Roche.
Industrial revenue, which accounts for 45 per cent of the company's total sales, rose 23 per cent to $1.29 billion in the third quarter.
The industrial segment focuses on providing advanced semiconductor solutions that power automation, sensing and control systems across various industries.
Sales in the automotive segment grew 22 per cent to $850.6 million for the third quarter.
The company posted third-quarter revenue of $2.88 billion, above analysts' estimates of $2.77 billion.
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