- Fourth quarter revenue of more than $2.4 billion, above the midpoint of guidance with sequential growth across all end markets
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- Fiscal 2024 revenue of more than $9.4 billion
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- Fiscal 2024 operating cash flow of $3.9 billion and free cash flow of $3.1 billion
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- Returned more than $2.4 billion to shareholders in fiscal 2024, including $0.6 billion of share repurchases and $1.8 billion of dividends
|
| Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal fourth quarter and fiscal year 2024, which ended November 2, 2024. |
| "ADI's revenue, profitability, and earnings per share all finished above our guided midpoint, underscoring continued business momentum and solid execution," said Vincent Roche, CEO and Chair. "While unprecedented customer inventory headwinds drove a historic revenue decline during fiscal 2024, we maintained operating margins north of 40%, which is a testament to our business model's resilience. We also continued to make strategic, long-term investments across engineering, manufacturing, and the end-to-end customer experience. As such, we enter 2025 as an even stronger enterprise, giving me the utmost confidence in our ability to drive increased value for customers and shareholders over the long term." |
| "After a brief decline in overall bookings during our third quarter, orders picked up steadily throughout the fourth quarter, particularly in the Automotive end market. While macro uncertainty continues to limit the pace of our recovery, we remain cautiously optimistic for a strong growth year in fiscal 2025," said Richard Puccio, CFO. |
| Performance for the Fourth Quarter and Fiscal Year 2024 |
| 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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Twelve Months Ended |
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Nov. 2,
2024 |
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Oct. 28,
2023 |
|
Change |
|
Nov. 2,
2024 |
|
Oct. 28,
2023 |
|
Change |
| Revenue |
$ 2,443 |
|
$ 2,716 |
|
(10) % |
|
$ 9,427 |
|
$ 12,306 |
|
(23) % |
| Gross margin |
$ 1,416 |
|
$ 1,647 |
|
(14) % |
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$ 5,381 |
|
$ 7,877 |
|
(32) % |
| Gross margin percentage |
58.0 % |
|
60.6 % |
|
(260 bps) |
|
57.1 % |
|
64.0 % |
|
(690 bps) |
| Operating income |
$ 569 |
|
$ 634 |
|
(10) % |
|
$ 2,033 |
|
$ 3,823 |
|
(47) % |
| Operating margin |
23.3 % |
|
23.4 % |
|
(10 bps) |
|
21.6 % |
|
31.1 % |
|
(950 bps) |
| Diluted earnings per share |
$ 0.96 |
|
$ 1.00 |
|
(4) % |
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$ 3.28 |
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$ 6.55 |
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(50) % |
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| Adjusted Results(2) |
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| Adjusted gross margin |
$ 1,660 |
|
$ 1,907 |
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(13) % |
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$ 6,404 |
|
$ 8,925 |
|
(28) % |
| Adjusted gross margin percentage |
67.9 % |
|
70.2 % |
|
(230 bps) |
|
67.9 % |
|
72.5 % |
|
(460 bps) |
| Adjusted operating income |
$ 1,005 |
|
$ 1,215 |
|
(17) % |
|
$ 3,853 |
|
$ 6,014 |
|
(36) % |
| Adjusted operating margin |
41.1 % |
|
44.7 % |
|
(360 bps) |
|
40.9 % |
|
48.9 % |
|
(800 bps) |
| Adjusted diluted earnings per share |
$ 1.67 |
|
$ 2.01 |
|
(17) % |
|
$ 6.38 |
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$ 10.09 |
|
(37) % |
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Three Months Ended |
|
Trailing Twelve
Months |
| Cash Generation |
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|
Nov. 2, 2024 |
|
Nov. 2, 2024 |
| Net cash provided by operating activities |
|
|
|
|
$ 1,051 |
|
$ 3,853 |
| % of revenue |
|
|
|
|
43 % |
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41 % |
| Capital expenditures |
|
|
|
|
$ (165) |
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$ (730) |
| Free cash flow(2) |
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|
|
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$ 885 |
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$ 3,122 |
| % of revenue |
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|
|
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36 % |
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33 % |
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|
Three Months Ended |
|
Trailing Twelve
Months |
| Cash Return |
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|
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|
Nov. 2, 2024 |
|
Nov. 2, 2024 |
| Dividend paid |
|
|
|
|
$ (457) |
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$ (1,795) |
| Stock repurchases |
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(95) |
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(616) |
| Total cash returned |
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$ (552) |
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$ (2,411) |
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| (1) The sum and/or computation of the individual amounts may not equal the total due to rounding. |
| (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. |
Outlook for the First Quarter of Fiscal Year 2025 |
| For the first quarter of fiscal 2025, we are forecasting revenue of $2.35 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect a reported operating margin of approximately 22.0%, +/- 130 bps, and an adjusted operating margin of approximately 40.0%, +/- 100 bps. We are planning for reported EPS to be $0.80, +/- $0.10, and adjusted EPS to be $1.53, +/- $0.10. |
| Our first quarter fiscal 2025 outlook is based on current expectations and actual results may differ materially as a result of, among other things, the important factors discussed at the end of this release. These statements supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements. |
| The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the "Non-GAAP Financial Information" section for additional information. |
| Dividend Payment |
| The ADI Board of Directors has declared a quarterly cash dividend of $0.92 per outstanding share of common stock. The dividend will be paid on December 20, 2024, to all shareholders of record at the close of business on December 9, 2024 |
| For the full document click the link below: |
| Analog Devices, Inc |
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