Analog Devices Inc, Norwood, Massachusetts-based maker of integrated circuits for analog and digital signal processing applications, has reported fourth-quarter net income that jumped 178% year-over-year to $73.2m. Revenue for the quarter rose 44.8% to $431m. On a per share basis, earnings improved to $0.40 from $0.16 and topped the First Call consensus estimate by $0.05. Results for the year-ago quarter included a $2.7m one-time loss.
The company said sales into the communications market continued to accelerate during the quarter – up 25% sequentially and more than 70% year-over-year – and now account for between 40% and 45% of total revenues. Gross margin rose to 52.2% from 44.6% in the year-ago quarter, mostly as a result of improved capacity utilization and lower back-end unit costs.
For the full year, net income rose 139% to $196.8m on revenue up 17.9% at $1.45bn and earnings per share rose to $1.10 from $0.50. Results for the full year include a $5.1m acquisition-related charge, while year-ago results include one-time items that amount to a net negative effect of $27.7m and a $37.1m loss as the result of a change in accounting principles.
