Analog Devices Reports Record Revenue Anticipates Continued Growth
Analog Devices, Inc. today announced financial results for its fourth quarter and fiscal year 2014, which ended November 1, 2014. "During the fourth quarter order rates were stable and ADI executed very well, resulting in record revenue and earnings growth that was near the high end of our guidance," said Vincent Roche, President and CEO. "Our cash flow and balance sheet remained strong and we returned $304 million to shareholders through dividends and increased share repurchases."
â€œWe are planning for revenue in the first quarter to be in the range of $745 million to $775 million, which at the mid-point represents an increase of 21% year-over-year,â€ said Mr. Roche. â€œWe are carefully managing factory utilization rates and expenses, and positioning ADI for better operating leverage, which is likely to come as early as our second quarter.â€
ADI also announced that its Board of Directors has declared a cash dividend of $0.37 per outstanding share of common stock. The dividend will be paid on December 16, 2014 to all shareholders of record at the close of business on December 5, 2014.
Results for the fourth quarter and fiscal year 2014 include contributions from Hittite Microwave. The acquisition was announced on June 9, 2014 and closed on July 22, 2014: Revenue totaled $814 million, up 12% sequentially; GAAP gross margin of 59.7% of revenue; Non-GAAP gross margin of 66.4% of revenue; GAAP operating margin of 18.4% of revenue; Non-GAAP operating margin of 33.2% of revenue; and GAAP diluted EPS of $0.34; Non-GAAP diluted EPS of $0.69.
Results for Fiscal Year 2014 included: Revenue totaled $2.9 billion, up 9% year-over-year; GAAP gross margin of 63.9% of revenue; Non-GAAP gross margin of 66% of revenue; GAAP operating margin of 26.3% of revenue; Non-GAAP operating margin of 31.8% of revenue; GAAP diluted EPS of $1.98 per share; Non-GAAP diluted EPS of $2.39 per share; Free cash flow of $694 million, or 24% of revenue; and Share repurchases and dividend payments to shareholders totaled $811 million.