- Revenue of more than $2.5 billion with continued growth in Automotive
- Operating cash flow of $4.6 billion and free cash flow of $3.2 billion on a trailing twelve-month basis
- Returned over $600 million to shareholders through dividends and repurchases in the first quarter
- Raised quarterly dividend by 7%, marking the twentieth consecutive year of increase
- Appointed Richard C. Puccio as EVP and Chief Financial Officer
WILMINGTON, Mass. — (BUSINESS WIRE) — February 21, 2024 — Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its 14-week fiscal first quarter 2024, which ended February 3, 2024.
“ADI delivered first quarter revenue and profitability above the midpoint of our outlook, despite the continued difficult macroeconomic environment,” said Vincent Roche, CEO and Chair. “Consistent with our prior view, we expect customer inventory rationalization to largely subside in our second quarter, and thus enter the second half in a more favorable business backdrop. Importantly, we are well positioned to capitalize on the inevitable upswing given our replenished die banks, short lead times, and agile hybrid manufacturing model.”
Roche continued, “Over the past several years, we have invested at record levels in product development, customer engagement, and manufacturing activities, positioning us exceptionally well to pursue the rich opportunities of the Intelligent Edge era. The growing criticality of our technology to our customers’ success, and our ‘customer first’ approach to innovation, gives me unwavering confidence in our ability to drive shareholder value for many years to come.”
Performance for the 14 Week First Quarter of Fiscal 2024 |
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Results Summary(1) |
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(in millions, except per-share amounts and percentages) |
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|
Three Months Ended |
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|
Feb. 3, 2024 |
|
Jan. 28, 2023 |
|
Change |
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Revenue |
$ |
2,513 |
|
|
$ |
3,250 |
|
|
|
(23 |
)% |
Gross margin |
$ |
1,474 |
|
|
$ |
2,124 |
|
|
|
(31 |
)% |
Gross margin percentage |
|
58.7 |
% |
|
|
65.4 |
% |
|
(670 bps) |
||
Operating income |
$ |
586 |
|
|
$ |
1,131 |
|
|
|
(48 |
)% |
| Operating margin |
|
23.3 |
% |
|
|
34.8 |
% |
|
(1,150 bps) |
||
| Diluted earnings per share |
$ |
0.93 |
|
|
$ |
1.88 |
|
|
|
(51 |
)% |
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| Adjusted Results (2) |
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|
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| Adjusted gross margin |
$ |
1,734 |
|
|
$ |
2,392 |
|
|
|
(28 |
)% |
| Adjusted gross margin percentage |
|
69.0 |
% |
|
|
73.6 |
% |
|
(460 bps) |
||
| Adjusted operating income |
$ |
1,054 |
|
|
$ |
1,659 |
|
|
|
(36 |
)% |
| Adjusted operating margin |
|
42.0 |
% |
|
|
51.1 |
% |
|
(910 bps) |
||
| Adjusted diluted earnings per share |
$ |
1.73 |
|
|
$ |
2.75 |
|
|
|
(37 |
)% |
|
|
|
|
|
|
|
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|
|
|
Three Months Ended |
|
Trailing Twelve Months |
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| Cash Generation |
|
|
Feb. 3, 2024 |
|
Feb. 3, 2024 |
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| Net cash provided by operating activities |
|
|
$ |
1,139 |
|
|
$ |
4,550 |
|
||
| % of revenue |
|
|
|
45 |
% |
|
|
39 |
% |
||
| Capital expenditures |
|
|
$ |
(223 |
) |
|
$ |
(1,308 |
) |
||
| Free cash flow (2) |
|
|
$ |
916 |
|
|
$ |
3,242 |
|
||
| % of revenue |
|
|
|
36 |
% |
|
|
28 |
% |
||
|
|
|
|
|
|
|
||||||
|
|
|
|
Three Months Ended |
|
Trailing Twelve Months |
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| Cash Return |
|
|
Feb. 3, 2024 |
|
Feb. 3, 2024 |
||||||
| Dividend paid |
|
|
$ |
(426 |
) |
|
$ |
(1,720 |
) |
||
| Stock repurchases |
|
|
|
(180 |
) |
|
|
(2,490 |
) |
||
| Total cash returned |
|
|
$ |
(606 |
) |
|
$ |
(4,209 |
) |
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|
|
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| (1) The sum and/or computation of the individual amounts may not equal the total due to rounding. |
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| (2) Reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this press release. See also the "Non-GAAP Financial Information" section for additional information. |
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