Friday, February 17, 2017
Analog Devices, Inc. (NASDAQ: ADI), today announced financial results for its first quarter of fiscal year 2017, which ended January 28, 2017.
"We have started 2017 with strong and broad-based momentum in our business," said Vincent Roche, President and CEO. "Our strategy to focus on sustainable and differentiated innovation helped drive 28% year-on-year revenue growth, and our laser focus on operational execution drove strong year-on-year margin expansion and cash generation in the first quarter."
"In addition, we are pleased with the progress we are making to close the acquisition of Linear Technology, and expect the deal to close by the end of our second fiscal quarter. The combination with Linear Technology, we believe, will create an analog industry powerhouse, capable of creating tremendous value for our customers, employees, and shareholders."
"Looking ahead to the April quarter, we are planning for revenue to be in the range of $870 million to $950 million, with sequential aggregate strength in our Business to Business (B2B) markets of industrial, automotive, and communications infrastructure being offset by seasonal patterns in the portable consumer market. At the mid-point of this range, we expect revenue to grow 17% over the prior year, which would represent the 4th consecutive quarter of year-over-year revenue growth for ADI."
ADI also announced that its Board of Directors has approved a 7% increase in its quarterly cash dividend to $0.45 from $0.42 per outstanding share of common stock, representing an annual dividend per share of $1.80. The quarterly dividend that was declared by the Board of Directors will be paid on March 7, 2017 to all shareholders of record at the close of business on February 24, 2017.
Results for the First Quarter of Fiscal Year 2017:
Revenue totaled $984 million, down 2% sequentially, and up 28% year-over-year
Revenue in ADI's B2B markets of industrial, automotive, and communications infrastructure totaled $714 million, up 1% sequentially, and up 11% year-over-year
GAAP gross margin of 65.9% of revenue; Non-GAAP gross margin of 66.1% of revenue
GAAP operating margin of 27% of revenue; Non-GAAP operating margin of 35% of revenue
GAAP diluted EPS of $0.69; Non-GAAP diluted EPS of $0.94
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