Chipmaker Analog Devices Inc. said Monday its net income fell 27 percent in the fiscal fourth quarter, as demand declined for semiconductors in its industrial and communications business.
But the company predicted revenue in its fiscal first quarter up 20 percent from a year earlier, and its outlook for earnings per share exceeded analysts' forecasts.
Analog Devices said it expected earnings of 36 cents to 37 cents per share in the first quarter, excluding restructuring charges related to the closure of its fabrication facility in Cambridge. That was higher than the 28 cents per share expected by analysts.
CEO Jerald Fishman said in a statement the company was beginning to see the benefits of gradual improvement in the economy, customers replenishing their inventories and investments in new products paying off.
Net income in the three months to Oct. 31 fell to $105.6 million, or 36 cents per share, from $143.9 million, or 49 cents per share, in the same period a year ago.
Revenue dropped 13 percent to $571.6 million.
Analysts surveyed by Thomson Reuters expected earnings of 26 cents per share and revenue of $524 million, although they typically exclude the impact of one-time items.
The company also declared a quarterly dividend of 20 cents per share.
For the full year, net income fell 68 percent to $247.8 million, or 85 cents per share, while revenue fell 22 percent to $2.01 billion.
Shares rose 31 cents to $28.30 in after-hours trading, after closing up 46 cents, or 1.7 percent, at $27.94.