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Analog Devices (NYSE: ADI) posted better-than-expected fiscal third quarter results Tuesday after the close. Still, shares were down close to 5% in after-hours trading as the chipmaker reported lower than expected margins in the quarter.The company earned 22 cents per share in the quarter, higher than the 20 cents per share analysts had been expecting. In addition, the company also reported higher revenue numbers than the consensus Street's forecasts.
While the quarterly earnings were better than expected, it is still hard to overlook the fact that they were dropped 53% from the same period last year when the company had reported earnings of 47 cents a share.
Revenues came in at $491.9 million, above Wall Street estimates for $479.5 million, but the company's gross margin was 54.1%, lower than the 55.1% gross margin during the company's previous quarter. During the same period last year, the company had a gross margin of a much higher 61%. The company did state that gross margins bottomed out during the quarter and should start to move higher, and it expects margins for its current quarter to move back up to 55%.
For its current quarter, Analog Devices forecast earnings of between 24 and 26 cents. Analysts have previously forecast earnings of 24 cents per share for the company's fiscal fourth quarter.
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