Analog Devices Reports Third Quarter 2016 Results

Revenue increases to $870 million, Free Cash Flow margin in the quarter increases over 600 basis points compared to the prior year

NORWOOD, Mass. — (BUSINESS WIRE) — August 17, 2016Analog Devices, Inc. (NASDAQ: ADI), today announced financial results for its third quarter of fiscal year 2016, which ended July 30, 2016.

“We executed well in the third quarter and delivered revenue and diluted earnings per share results that exceeded our revised guidance,” said Vincent Roche, President and CEO. “During the quarter, we also announced the proposed acquisition of Linear Technology Corporation, a combination that will create a trusted analog industry leader, capable of delivering tremendous benefits to our customers, our employees, and our shareholders.”

“Looking ahead to the October quarter, we are planning for revenue to increase sequentially, and be in the range of $910 million to $970 million. By end market, we expect the industrial, automotive, and communications infrastructure markets, in the aggregate, to remain largely stable to their third quarter levels, and to increase in the low-to-mid-single digits compared to the prior year. In the consumer market, strong customer demand in the portables sector leads us to plan for continued sequential revenue growth in this market.”

ADI also announced that the Board of Directors has declared a cash dividend of $0.42 per outstanding share of common stock. The dividend will be paid on September 7, 2016 to all shareholders of record at the close of business on August 26, 2016.

Results for the Third Quarter of Fiscal Year 2016

  • Revenue totaled $870 million, up 12% sequentially, and up 1% year-over-year
  • Revenue in ADI’s B2B markets of industrial, automotive, and communications infrastructure totaled $683 million, down 2% sequentially, and up 4% year-over-year
  • GAAP gross margin of 65.8% of revenue; Non-GAAP gross margin of 66.0% of revenue
  • GAAP operating margin of 30.9% of revenue; Non-GAAP operating margin of 34.1% of revenue
  • GAAP diluted EPS of $0.74; Non-GAAP diluted EPS of $0.82

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 2016, as well as the immediately prior and year-ago quarters. Additional information on revenue by end market is provided on Schedule D.

Outlook for the Fourth Quarter of Fiscal Year 2016
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    

$910 million to $970
million

    -    

$910 million to $970
million

Gross Margin     approx. 65.2%     $2.5 million (1)     approx. 65.5%
Operating Expenses    

Slightly up
sequentially

    $17.5 million (1)    

Slightly up
sequentially

Interest & Other Expense     $20.0 million     -     $20.0 million
Tax Rate     approx. 12.5%     -     approx. 12.0%
Earnings per Share     $0.78 to $0.88     $0.06 (2)     $0.84 to $0.94
 

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