Analog Devices Inc. shares rose 4.5% in premarket trade Wednesday, after the analog technology company beat estimates for its fiscal first quarter and raised its quarterly dividend by 15%. The Norwood, Mass.-based company said it had net income of $203.9 million, or 55 cents a share, in the quarter, down from $355.0 million, or 95 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.03, ahead of the $1.00 FactSet consensus. Revenue fell to $1.304 billion from $1.541 billion, but was slightly ahead of the $1.302 billion FactSet consensus. "Encouragingly, demand across our end markets has stabilized and is beginning to show signs of improvement as we enter our fiscal second quarter," said Vincent Roche, President and CEO, in a statement. The company is now expecting second-quarter revenue of $1.35 billion, plus or minus $50 million. "While the effects of the coronavirus are difficult to estimate and the situation remains dynamic, we have reduced our revenue guidance by $70 million to account for its potential impact," said the statement. It expects adjusted EPS of $1.10, plus or minus 8 cents. The FactSet consensus is for second-quarter EPS of $1.13 and revenue of $1.455 billion. The company raised its quarterly cash dividend by 15% to 62 cents. The new dividend will be payable March 10 to shareholders of record as of Feb. 28. Shares have gained 14% in the last 12 months, while the S&P 500 has gained 21%.
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