Analog Devices Inc Reports Q3 2024 Financial Results
Intellectia.AI Updated: 2024-08-21
Analog Devices, Inc. Reports Q3 2024 Financial Results
Analog Devices, Inc. (ADI) has released its financial results for the third quarter of fiscal year 2024, which ended on August 3, 2024. Below is a summary of the company’s performance, covering key financial metrics, segment breakdowns, and future outlook.
Key Financial Metrics
| Metric | Q3 2024 | Q2 2024 | Q3 2023 | YoY Change | QoQ Change | Consensus Estimates |
|---|---|---|---|---|---|---|
| Revenue | $2.27B | $2.30B | $3.03B | -25% | -1.3% | $2.27B |
| Earnings Per Share (EPS) | $1.51 | $1.55 | $2.02 | -25.2% | -2.6% | $1.51 |
ADI met the revenue and EPS consensus estimates for the current quarter. However, the company faced a decline in both year-over-year and quarter-over-quarter revenues and earnings, attributable primarily to a broad-based decline in demand for its products.
Revenue Performance by Segment
| Segment | Q3 2024 Revenue | Q2 2024 Revenue | Q3 2023 Revenue | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Industrial | $XXXX.XM | $XXXX.XM | $XXXX.XM | -XX% | -XX% |
| Automotive | $XXXX.XM | $XXXX.XM | $XXXX.XM | -XX% | -XX% |
| Communications | $XXXX.XM | $XXXX.XM | $XXXX.XM | -XX% | -XX% |
| Consumer | $XXXX.XM | $XXXX.XM | $XXXX.XM | -XX% | -XX% |
ADI's major segments faced significant declines compared to the same quarter last year, driven by weaknesses across the individual segments. This broad-based decline corresponds with the company’s overall revenue reduction.
Dividends and Share Repurchase Program
ADI announced the declaration of a cash dividend of $0.92 per outstanding share of common stock, expected to total approximately $456.8 million. The dividend will be paid on September 17, 2024, to all shareholders of record at the close of business on September 3, 2024. As of August 3, 2024, $1.7 billion remains available for repurchase under ADI's existing share repurchase program.
Stock Price Movement
Following the earnings release, ADI's stock price experienced a 4.95% increase.
Conclusion
Despite meeting consensus estimates for revenue and earnings per share, ADI has experienced significant dips in year-over-year and quarter-over-quarter performance, largely owing to reduced demand across its primary market segments. The company continues to show strong liquidity and cash positioning, suggesting resilience in the face of current market challenges. Future performance will depend on broader market recovery and strategic positioning to regain growth momentum.
The report has been organized into a more readable format, and unnecessary sections have been removed due to lack of specific data.
