Analog Devices Reports Strong Third Quarter Results
Analog Devices, Inc. announced financial results for its third fiscal quarter, which ended August 4, 2018 including revenues of $1.57 billion, up 4% sequentially and up 10% year-over-year on a GAAP basis and up 8% year-over-year on a non-GAAP basis. GAAP gross margin of 68.1% of revenue; Non-GAAP gross margin of 71.2% of revenue
The company reported GAAP operating margin of 31.7% of revenue; Non-GAAP operating margin of 42.7% of revenue; GAAP diluted EPS of $1.10; Non-GAAP diluted EPS of $1.53; B2B sales increased double digits year-over-year; and B2B sales projected to increase low double digits year-over-year in the fourth quarter.
"We delivered outstanding financial results for the third quarter, reflecting the strong execution of our strategy," said Vincent Roche, President and CEO. "I am particularly pleased with our revenue growth year-over-year which benefited from continued high demand for our products across our B2B markets.
"Our continued strong growth and profitability allowed us to achieve our leverage target three quarters ahead of our plan, and reinstate our share repurchase program as we enter the fourth quarter."
"ADI is uniquely positioned to support the evolving needs of our customers in the third wave of the Information and Communications Technology revolution. With our leadership in high performance analog, we will continue to innovate to build industry-leading solutions to enable us to capture growth opportunities, gain market share, and deliver value for our customers and shareholders," Roche concluded.
In a separate release issued August 21, 2018, ADI announced that it has reinstated its share repurchase program and that its Board of Directors has authorized the Company to purchase an additional $2 billion of its common stock.
The ADI Board of Directors has also declared a quarterly cash dividend of $0.48 per outstanding share of common stock. The dividend will be paid on September 12, 2018 to all shareholders of record at the close of business on August 31, 2018.