Analog Devices Announces Financial Performance for the First Quarter of Fiscal Year 2024

Analog Devices, a renowned global semiconductor leader, has released its financial results for the first quarter of fiscal 2024, which spanned 14 weeks and concluded on February 3, 2024.

CEO and Chair Vincent Roche expressed satisfaction with the performance, stating that despite a challenging macroeconomic environment, the company had achieved revenue and profitability figures above the midpoint of their projected outlook. Roche also mentioned the expectation of an improvement in the business environment as the second quarter approaches due to the anticipated reduction in customer inventory rationalization.

Roche highlighted the company’s investments in product development, customer engagement, and manufacturing, which have positioned Analog Devices to excel in the era of Intelligent Edge. He expressed confidence in the company’s ability to deliver value to shareholders.

In the first quarter of fiscal 2024, Analog Devices reported a revenue outlook of $2.10 billion, with an expected operating margin of approximately 15.1% and adjusted operating margin of around 37.0%. The reported EPS is projected to be $0.46, while the adjusted EPS is expected to be $1.26.

The Board of Directors declared a quarterly cash dividend of $0.92 per outstanding share of common stock, payable on March 15, 2024, to shareholders of record as of March 5, 2024.

An earnings conference call to discuss these results is scheduled for today, February 21, 2024, at 10:00 am ET. It will be accessible via webcast.

Analog Devices emphasized the importance of non-GAAP financial measures, noting that they provide insights into operating performance and trends. These measures include adjusted gross margin, adjusted operating expenses, adjusted operating income, adjusted nonoperating expense, adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share, and free cash flow.

The company will provide reconciliations of these non-GAAP financial measures to their most comparable GAAP financial measures in the financial tables accompanying the release.

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