Market Overview

Analog Devices Reports Fourth Quarter and Fiscal 2019 Results

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  • Revenue was $1.44 billion for the fourth quarter and $6 billion for fiscal 2019
  • Operating cash flow was $2.3 billion and free cash flow was $2 billion for fiscal 2019
  • Returned over $370 million to shareholders in the fourth quarter, and nearly $1.4 billion for fiscal 2019 or over 120% of free cash flow after debt payments

Analog Devices, Inc. (NASDAQ:ADI), a leading global high-performance analog technology company, today announced financial results for its fourth quarter and fiscal 2019, which ended November 2, 2019.

"ADI delivered solid fourth quarter and full-year results amidst continued trade and macro uncertainty," said Vincent Roche, President and CEO. "Over the course of the year, we generated revenue of $6 billion and effectively managed costs, while continuing to prioritize strategic investments to drive innovation. Our strong margins and cash flow reflect the resiliency of our business model, which enabled us to return nearly $1.4 billion to shareholders, or over 120% of free cash flow after debt payments."

"Looking ahead, the underlying fundamentals and long-term outlook for ADI are strong. Our diverse product portfolio of cutting-edge technologies is well positioned to solve customers' challenges and aligned with attractive secular trends that will shape the industry's future. As such, I believe we are in a superior competitive position as demand returns to deliver our next chapter of growth."

Performance for the Fourth Quarter of Fiscal 2019

 

Results Summary

 

 

 

 

 

(in millions, except per-share amounts and percentages)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nov 2, 2019

 

Nov 3, 2018 (1)

 

Change

Revenue

$

1,443

 

$

1,536

 

(6)%

Gross margin

$

942

 

$

1,046

 

(10)%

Gross margin percentage

65.3%

(2)

68.1%

 

(280 bps)

Operating income

$

338

 

$

465

 

(27)%

Operating margin percentage

23.4%

 

30.3%

 

(690 bps)

Diluted earnings per share

$

0.74

 

$

1.08

 

(31)%

 

 

 

 

 

 

Adjusted Results

 

 

 

 

 

Adjusted gross margin

$

987

 

$

1,089

 

(9)%

Adjusted gross margin percentage

68.4%

(2)

70.9%

 

(250 bps)

Adjusted operating income

$

560

 

$

638

 

(12)%

Adjusted operating margin percentage

38.8%

 

41.5%

 

(270 bps)

Adjusted diluted earnings per share

$

1.19

 

$

1.48

 

(20)%

 

 

 

 

 

 

 

 

 

Three Months

Ended

 

Trailing Twelve

Months

Cash Generation

 

 

Nov 2, 2019

 

Nov 2, 2019

Net cash provided by operating activities

 

 

$

658

 

$

2,253

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