Analog Devices rose to a 17-year high in Wednesday’s afternoon trade after the semiconductors company provided an upbeat revenue outlook for the current quarter, while reporting higher-than-expected results for the most recent quarter, and hiking its quarterly dividend by 7%. Shares rose 4.3% and earlier touched $81.50 – the highest since August 2000.
For the April quarter, the company anticipates revenue to be in the range of $870 million to $950 million, or 17% grown at the midpoint of that range. Analysts had projected 12% growth in revenue, or $877.7 million on average, according to Capital IQ data. Non-GAAP EPS rose to $0.94 in the three months ended Jan. 28, from $0.56 a year earlier, topping the $0.74 average estimate of analysts surveyed by Capital IQ. Revenue increased 28% to $984 million in the January quarter, exceeding the analyst consensus of $872 million.