Analog Devices Reports First Quarter 2016 Results

Revenue in the first quarter totaled $769 million, ADI repurchases $132 million of its stock and reduces share count by 1%

NORWOOD, Mass. — (BUSINESS WIRE) — February 17, 2016Analog Devices, Inc. (NASDAQ: ADI), a global leader in high-performance semiconductors for signal processing applications today announced financial results for its first quarter of fiscal year 2016, which ended January 30, 2016.

“Despite an uneven macroeconomic backdrop and significant weakness in the consumer market, our business to business (B2B) markets of industrial, automotive, and communications infrastructure were resilient in the first quarter,” said Vincent Roche, President and CEO. “In addition, we returned $257 million, or 131% of free cash flow, to shareholders through dividends and share repurchases.”

“With order flows in the B2B markets trending largely in-line with seasonal patterns, we are planning for combined revenue in these markets to grow at a mid-to-high single digit rate sequentially in the second quarter, offsetting expected weakness in the portable consumer market. In total, we expect revenue in the second quarter to be in the range of -2% to +4% sequentially.”

Results for the First Quarter of Fiscal Year 2016

  • Revenue totaled $769 million, down 21% sequentially, and stable year-over-year
  • Revenue in ADI’s B2B markets of industrial, automotive, and communications infrastructure totaled $644 million, down 3% sequentially, and down 5% year-over-year
  • GAAP gross margin of 62.0% of revenue; Non-GAAP gross margin of 62.2% of revenue
  • GAAP operating margin of 25.3% of revenue; Non-GAAP operating margin of 27.8% of revenue
  • GAAP diluted EPS of $0.52; Non-GAAP diluted EPS of $0.56

Please refer to the schedules provided for a summary of revenue and earnings, selected balance sheet information, and the cash flow statement for the first 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.

ADI Increases Dividend by 2 cents and Share Repurchase Program to $1 Billion
ADI also announced on February 16, 2016 that its Board of Directors has approved a 2 cent increase in its quarterly dividend, from $0.40 to $0.42 per outstanding share of common stock. The dividend will be paid on March 8, 2016 to all shareholders of record at the close of business on February 26, 2016.

In addition, the Board of Directors approved an increase to the Company’s share repurchase authorization to $1 billion.

For additional information please visit ADI’s financial press release page.

Outlook for the Second 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  

-2% to +4%
sequentially

  -  

-2% to +4%
sequentially

Gross Margin   approx. 65.3%   $1.9 million (1)   approx. 65.5%
Operating Expenses  

Slightly up
sequentially

  $17.5 million (1)  

Slightly up
sequentially

Interest & Other
Expense

  $15.0 million   -   $15.0 million
Tax Rate   approx. 14%   -   approx. 13%
Earnings per Share  

$0.52 to $0.60

  $0.06 (2)  

$0.58 to $0.66

     

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