Categories AlphaGraphs, Earnings, LATEST, Technology
Analog Devices beats Q3 estimates; provides dismal outlook
Analog Devices (NASDAQ: ADI) surpassed the bottom line and top-line estimates for the third quarter of 2019. However, the weaker-than-expected guidance for the fourth quarter dragged ADI shares into the negative territory.
The semiconductor maker reported adjusted earnings of $1.26 per share on revenue of $1.48 billion. Wall Street had expected the company to post earnings of $1.22 per share on revenue of $1.45 billion. ADI shares slid about 2% in the pre-market trading hours.
Analog Devices’ net income for the quarter ended August 3, 2019, dropped to $362.4 million or $0.97 per share from a net income of $408.6 million or $1.08 per share in the prior-year quarter.
You may also like: Analog Devices (ADI) Q3 2019 Earnings Conference Call Transcript
“Revenue and operating margins came in above the midpoint of guidance as ongoing broad-based weakness compared to the year ago quarter was balanced by growth in new areas such as 5G and electric vehicles,” said CEO Vincent Roche.
He added, “While these uncertain times do not seem to be abating in the near term, ADI has successfully navigated macroeconomic challenges many times before.”
For the fourth quarter of fiscal 2019, Analog Devices expects revenue to be $1.45 billion, +/- $50 million. The company estimates GAAP EPS to be $0.86, +/- $0.07, and adjusted EPS to be $1.22, +/- $0.07.
The Board of Directors declared a quarterly cash dividend of $0.54 per share, which will be paid on September 11, 2019 to all shareholders of record as of August 30, 2019. The company returned over $300 million to shareholders in the third quarter through dividends and share repurchases.
ADI stock, which reached its 52-week high ($124.79) on July 24, has advanced 29% so far this year and 18% in the past 52 weeks.
Most Popular
CL Earnings: Key quarterly highlights from Colgate-Palmolive’s Q2 2024 financial results
Colgate-Palmolive Company (NYSE: CL) reported its second quarter 2024 earnings results today. Net sales increased 4.9% year-over-year to $5 billion. Organic sales increased 9%. Net income attributable to Colgate-Palmolive Company was $731
Key takeaways from Visa’s Q3 2024 earnings report
Credit card behemoth Visa, Inc. (NYSE: V) this week reported mixed results for the June quarter, with earnings matching expectations and sales slightly missing the view. Both numbers grew in
Southwest Airlines (LUV): A look at the airline’s performance in Q2 2024
Shares of Southwest Airlines Co. (NYSE: LUV) were up over 6% on Thursday after the company beat earnings estimates for the second quarter of 2024. The stock has gained 4%
