By Matt Grossman

Analog Devices Inc. Wednesday posted stronger sales across its divisions for the first fiscal quarter, according to what the company described as an industry-wide recovery following the initial effects of the coronavirus pandemic.

The Wilmington, Mass.-based electrical-components company said earnings rose to $1.04 a share, up from 55 cents a share in the same quarter one year earlier. Net income was $388.5 million, compared with $203.9 million in 2020's first quarter.

The company's adjusted earnings were $1.44 a share. Analysts surveyed by FactSet had forecast a first-quarter adjusted profit of $1.33 a share.

Analog Devices' revenue rose 20% to $1.56 billion, from $1.3 billion in the year-ago period. Analysts were expecting revenue of $1.51 billion.

Continued momentum in bookings and lean industry-wide inventory levels have given the company confidence that a broad recovery is underway, Chief Executive Vincent Roche said.

Sales grew fastest in the company's industrial segment, which saw sales rise 24% to $855.5 million. Communications sales climbed 16% to $281 million, while Automotive sales improved by 19% to $245.3 million.

Consumer sales rose 5% to $176.7 million.

The company's gross margin percentage improved to 67.1%, from 65.1% a year earlier.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

February 17, 2021 08:34 ET (13:34 GMT)

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