Analog Devices Inc. (NASDAQ: ADI) missed revenue and earnings estimates for the fourth quarter of 2019, causing shares to fall over 2% in premarket hours on Tuesday.
The company reported a 6% year-over-year decline in total revenues to $1.44 billion, which also fell below the consensus target of $1.45 billion.
Net income was $277 million, or $0.74 per share, compared to $404 million, or $1.08 per share, in the same period last year. Adjusted EPS declined 20% year-over-year to $1.19, missing forecasts of $1.22.
Vincent Roche, President and CEO, stated, “ADI delivered solid fourth quarter and full-year results amidst continued trade and macro uncertainty. Over the course of the year, we generated revenue of $6 billion and effectively managed costs, while continuing to prioritize strategic investments to drive innovation.”
During the quarter, revenues in the Industrial segment remained flat at $744 million compared to the same period last year. Revenues declined across all the remaining three segments.
Also read: Analog Devices Q4 Earnings Preview
For the first quarter of fiscal 2020, the company expects revenue of $1.30 billion, plus or minus $50 million. Reported EPS is expected to be $0.61, plus or minus $0.07, and adjusted EPS to be $1.00, plus or minus $0.07.
The Board of Directors declared a cash dividend of $0.54 per common share, payable on December 17, 2019 to all shareholders of record as of December 6, 2019.
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