Analog Devices Reports Second Quarter 2016 Results

Revenue in the April quarter increases 1% sequentially to $779 million; ADI returns $344 million to shareholders

NORWOOD, Mass. — (BUSINESS WIRE) — May 18, 2016Analog Devices, Inc. (NASDAQ: ADI), today announced financial results for its second quarter of fiscal year 2016 which ended April 30, 2016.

“The breadth and diversity of ADI’s business model was evident in our results this quarter, with broad-based strength across our business to business (B2B) markets of industrial, automotive, and communications infrastructure more-than-offsetting a weak consumer market,” said Vincent Roche, President and CEO. “In addition, we repurchased $214 million of our shares in response to stock price volatility, which enabled a third consecutive quarter of share count reduction.”

“Looking ahead, stable order flows in the B2B markets lead us to plan for a largely seasonal third quarter in these markets, and for sequential revenue growth to resume in the consumer market. Importantly for ADI, we expect our B2B markets, in the aggregate, to grow in the mid-to-high single digits on a year-over-year basis in the third quarter.”

ADI also announced that the Board of Directors has declared a cash dividend of $0.42 per outstanding share of common stock. The dividend will be paid on June 7, 2016 to all shareholders of record at the close of business on May 27, 2016.

Results for the Second Quarter of Fiscal Year 2016

  • Revenue totaled $779 million, up 1% sequentially, and down 5% year-over-year
  • Revenue in ADI’s B2B markets of industrial, automotive, and communications infrastructure totaled $699 million, up 9% sequentially, and down 2% year-over-year
  • GAAP gross margin of 65.6% of revenue; Non-GAAP gross margin of 65.8% of revenue
  • GAAP operating margin of 26.6% of revenue; Non-GAAP operating margin of 30.8% of revenue
  • GAAP diluted EPS of $0.55; Non-GAAP diluted EPS of $0.64

Please refer to the schedules provided for a summary of revenue and earnings, selected balance sheet information, and the cash flow statement for the second quarter of fiscal year 2016, as well as the immediately prior and year-ago quarters. Additional information on revenue by end market is provided on Schedule D.

Outlook for the Third Quarter of Fiscal Year 2016
The following statements are based on current expectations, and as indicated, are presented on a GAAP and non-GAAP basis. These statements are forward-looking and actual results may differ materially, as a result of, among other things, the important factors discussed at the end of this release. These statements supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.

                   
      GAAP     Non-GAAP Adjustments     Non-GAAP
Revenue     $800 million to $840 million     -     $800 million to $840 million
Gross Margin     stable sequentially     $1.5 million (1)     stable sequentially
Operating Expenses     slightly up sequentially     $17.5 million (1)     slightly up sequentially
Interest & Other Expense     $13.0 million     -     $13.0 million
Tax Rate     approx. 13.5%     -     approx. 12.5%
Earnings per Share     $0.60 to $0.68     $0.06 (2)     $0.66 to $0.74
           

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