Analog Devices Reports Third Quarter Fiscal 2023 Financial Results

  • Revenue of $3.08 billion with continued year-over-year growth in Industrial & Automotive
  • Operating cash flow of $4.8 billion and free cash flow of $3.7 billion on a trailing twelve-month basis
  • Returned $1.1 billion to shareholders via $0.7 billion in share repurchases and $0.4 billion in dividends during the third quarter

WILMINGTON, Mass. — (BUSINESS WIRE) — August 23, 2023 — Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its third quarter fiscal year 2023, which ended July 29, 2023.

“In a challenging operating environment, ADI executed well, and delivered third quarter results within our expectations. However, the customer inventory adjustments we mentioned last quarter have accelerated as economic conditions deteriorate and our lead times continue to improve,” said Vincent Roche, CEO and Chair. “Despite the near-term turbulence, we have built a resilient business over many decades defined by our diversified customer and product portfolio and our flexible hybrid manufacturing model. This enables us to endure softer demand periods, while sustaining strategic investments to ensure we capitalize when the business inflects.”

Roche continued, “Our tremendous optimism in ADI’s long-term outlook is undiminished. In this rapidly digitalizing world, our portfolio is aligned to an unprecedented number of secular trends, including Industry 4.0, Electrification, Digital Healthcare, Immersive Consumer, and Advanced Connectivity. These trends, coupled with our cutting-edge solutions, will enable ADI to empower the next waves of innovation at the Intelligent Edge, and unlock value for all stakeholders.”

Performance for the Third Quarter of Fiscal 2023

Results Summary(1)

 

 

 

 

 

(in millions, except per-share amounts and percentages)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Jul. 29, 2023

 

Jul. 30, 2022

 

Change

Revenue

$

3,076

 

 

$

3,110

 

 

 

(1

)%

Gross margin

$

1,962

 

 

$

2,043

 

 

 

(4

)%

Gross margin percentage

 

63.8

%

 

 

65.7

%

 

(190 bps)

Operating income

$

929

 

 

$

893

 

 

 

4

%

Operating margin

 

30.2

%

 

 

28.7

%

 

150 bps

Diluted earnings per share

$

1.74

 

 

$

1.44

 

 

 

21

%

 

 

 

 

 

 

Adjusted Results

 

 

 

 

 

Adjusted gross margin

$

2,222

 

 

$

2,304

 

 

 

(4

)%

Adjusted gross margin percentage

 

72.2

%

 

 

74.1

%

 

(190 bps)

Adjusted operating income

$

1,470

 

 

$

1,557

 

 

 

(6

)%

Adjusted operating margin

 

47.8

%

 

 

50.1

%

 

(230 bps)

Adjusted diluted earnings per share

$

2.49

 

 

$

2.52

 

 

 

(1

)%

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Trailing Twelve Months

Cash Generation

 

 

Jul. 29, 2023

 

Jul. 29, 2023

Net cash provided by operating activities

 

 

$

1,142

 

 

$

4,780

 

% of revenue

 

 

 

37

%

 

 

37

%

Capital expenditures

 

 

$

(325

)

 

$

(1,090

)

Free cash flow

 

 

$

818

 

 

$

3,690

 

% of revenue

 

 

 

27

%

 

 

29

%

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Trailing Twelve Months

Cash Return

 

 

Jul. 29, 2023

 

Jul. 29, 2023

Dividend paid

 

 

$

(430

)

 

$

(1,641

)

Stock repurchases

 

 

 

(687

)

 

 

(3,312

)

Total cash returned

 

 

$

(1,117

)

 

$

(4,954

)

 

 

 

 

 

 

(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.

 

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