Analog Devices Reports Third Quarter Fiscal Year 2015 Results

Revenue increases to a record $863 million, non-GAAP diluted earnings per share increases to $0.77

NORWOOD, Mass. — (BUSINESS WIRE) — August 18, 2015Analog Devices, Inc. (NASDAQ: ADI), a global leader in high-performance semiconductors for signal processing applications, today announced financial results for its third quarter of fiscal year 2015, which ended August 1, 2015.

“We had a very strong third quarter, with revenue growing to a record $863 million and earnings at the very high end of expectations,” said Vincent Roche, President and CEO. “Once again this quarter, our focus on sustainable innovation that bridges the physical and digital worlds across diverse applications and markets, coupled with strong execution throughout the Company, delivered solid growth and profits.”

“Looking ahead, stable order rates and a positive book to bill ratio lead us to plan for sequential growth in the fourth quarter, and for revenue to be in the range of $880 million to $940 million.”

ADI also announced that the Board of Directors has declared a cash dividend of $0.40 per outstanding share of common stock. The dividend will be paid on September 9, 2015 to all shareholders of record at the close of business on August 28, 2015.

For additional information please visit investor.analog.com.

Results for the Third Quarter of Fiscal Year 2015

  • Revenue totaled $863 million, up 5% sequentially, and up 19% year-over-year
  • GAAP gross margin of 65.9% of revenue; Non-GAAP gross margin of 66.1% of revenue
  • GAAP operating margin of 30.7% of revenue; Non-GAAP operating margin of 34.2% of revenue
  • GAAP diluted EPS of $0.68; Non-GAAP diluted EPS of $0.77

Please refer to the schedules provided for a summary of revenue and earnings, selected balance sheet information, and the cash flow statement for the third quarter of fiscal year 2015, as well as the immediately prior and year-ago quarters. Additional information on revenue by end market is provided on Schedule D. A more complete table covering prior periods is available at investor.analog.com.

Outlook for the Fourth Quarter of Fiscal Year 2015

The following statements are based on current expectations, and as indicated, are presented on a GAAP and non-GAAP basis. These statements are forward-looking and actual results may differ materially, as a result of, among other things, the important factors discussed at the end of this release. These statements supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.

                   
      GAAP    

Non-GAAP
Adjustments

    Non-GAAP
Revenue     $880 to $940 million     -     $880 to $940 million
Gross Margin     approx. 65.5%     $1.4 million (1)     approx. 65.5%
Operating Expenses     up 70% to 72%     $238.7 million (2)     up 1% to 3%
Interest & Other Expense     $5.0 million     -     $5.0 million
Tax Rate     approx. 57% to 82%     -     approx. 15%
Earnings per Share     $0.03 to $0.11     $0.76 (3)     $0.79 to $0.87
  1. Reflects estimated adjustments for amortization of purchased intangible assets and depreciation of step up value on purchased fixed assets.
  2. Reflects estimated charge of approximately $220 million associated with the conversion of the Company’s Irish defined benefits pension plan as more fully described in the Form 8-K filed by the Company today, $18.5 million for amortization of purchased intangible assets, and $0.2 million of depreciation of step up value on purchased fixed assets.
  3. Represents estimated impact of expenses associated with the non-GAAP adjustments on a per share basis.

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