Press release
Analog Devices Reports Fiscal Third Quarter 2024 Financial Results
Revenue of $2.31 billion, above the midpoint of our outlook with sequential growth in Industrial, Consumer, and CommunicationsOperating cash flow of $4.0
About this update from Analog Devices, Inc.
[{"type":"text","content":"Revenue of $2.31 billion, above the midpoint of our outlook with sequential growth in Industrial, Consumer, and CommunicationsOperating cash flow of $4.0 billion and free cash flow of $2.9 billion on a trailing twelve-month basisReturned $574 million to shareholders through dividends and repurchases in the third quarterWILMINGTON, Mass., Aug. 21, 2024 /PRNewswire/ -- Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal third quarter 2024, which ended August 3, 2024.\n\n \n \n \n \n \n \n\n \n\"ADI's revenue finished above our guided midpoint with stronger profitability driving earnings per share near the high end of our outlook,\" said Vincent Roche, CEO and Chair. \"As we navigate this business cycle's nascent recovery, our high-performance analog solutions portfolio positions us well to intersect the strong underlying stream of concurrent secular trends. Our innovation and customer-centric ethos will continue to form the foundation for our success and help drive long-term shareholder value.\"\n\"Improved customer inventory levels and order momentum, across most of our markets, position us to grow again sequentially in our fourth quarter, increasing our confidence that we are past the trough of this cycle. However, economic and geopolitical uncertainty continues to limit the pace of the recovery\" said Richard Puccio, CFO.\n Performance for the Third Quarter of Fiscal 2024 \nResults Summary(1)\n(in millions, except per-share amounts and percentages)\nThree Months Ended\nAug. 3, 2024\nJul. 29, 2023\nChange\nRevenue\n$ 2,312\n$ 3,076\n(25) %\nGross margin\n$ 1,311\n$ 1,962\n(33) %\nGross margin percentage\n56.7 %\n63.8 %\n(710 bps)\nOperating income\n$ 491\n$ 929\n(47) %\nOperating margin\n21.2 %\n30.2 %\n(900 bps)\nDiluted earnings per share\n$ 0.79\n$ 1.74\n(55) %\nAdjusted Results(2)\nAdjusted gross margin\n$ 1,571\n$ 2,222\n(29) %\nAdjusted gross margin percentage\n67.9 %\n72.2 %\n(430 bps)\nAdjusted operating income\n$ 952\n$ 1,470\n(35) %\nAdjusted operating margin\n41.2 %\n47.8 %\n(660 bps)\nAdjusted diluted earnings per share\n$ 1.58\n$ 2.49\n(37) %\nThree MonthsEnded\nTrailing TwelveMonths\nCash Generation\nAug. 3, 2024\nAug. 3, 2024\nNet cash provided by operating activities\n$ 855\n$ 3,989\n% of revenue\n37 %\n41 %\nCapital expenditures\n$ (154)\n$ (1,041)\...