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Oct 28, 2023
Analog Devices Q4 2023 Earnings Report
ADI delivered revenue and profitability above the midpoint of their outlook, despite the difficult macroeconomic environment.
Key Takeaways
Analog Devices reported Q4 revenue of $2.7 billion. Despite a challenging macroeconomic environment, the company's revenue and profitability exceeded expectations. Customer inventory digestion is expected to persist into the first half of the year.
Fourth quarter revenue of $2.7 billion with continued double-digit year-over-year growth in Automotive
Fiscal 2023 revenue of $12.3 billion driven by new records in Industrial & Automotive
Fiscal 2023 operating cash flow of $4.8 billion and free cash flow of $3.6 billion
Returned more than $4.6 billion to shareholders in fiscal 2023, including $3.0 billion of share repurchases and $1.7 billion of dividends
Revenue by Segment
Forward Guidance
For the first quarter of fiscal 2024, ADI is forecasting revenue of $2.5 billion, +/- $100 million. They expect reported EPS to be $0.91, +/- $0.10, and adjusted EPS to be $1.70, +/- $0.10.
Positive Outlook
- Revenue of $2.5 billion, +/- $100 million
- Includes the benefit of a 14th week in the quarter
- Reported operating margin of approximately 23.1%, +/- 130 bps
- Adjusted operating margin of approximately 41.5%, +/- 70 bps
- Reported EPS to be $0.91, +/- $0.10
Challenges Ahead
- Customer inventory digestion to persist into the first half of the year
- Challenging macro landscape
- Actual results may differ materially
- Based on current expectations
- Uncertainty as to the long-term value of our common stock
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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