Analog Devices Q4 2023 Earnings Report
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
Analog Devices
Analog Devices
Analog Devices 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