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Analog Devices, Inc. announced financial results for its fiscal fourth quarter and fiscal year 2024, which ended November 2, 2024.
“ADI’s revenue, profitability, and earnings per share all finished above our guided midpoint, underscoring continued business momentum and solid execution,” said Vincent Roche, CEO and Chair. “While unprecedented customer inventory headwinds drove a historic revenue decline during fiscal 2024, we maintained operating margins north of 40%, which is a testament to our business model’s resilience. We also continued to make strategic, long-term investments across engineering, manufacturing, and the end-to-end customer experience. As such, we enter 2025 as an even stronger enterprise, giving me the utmost confidence in our ability to drive increased value for customers and shareholders over the long term.”
“After a brief decline in overall bookings during our third quarter, orders picked up steadily throughout the fourth quarter, particularly in the Automotive end market. While macro uncertainty continues to limit the pace of our recovery, we remain cautiously optimistic for a strong growth year in fiscal 2025,” said Richard Puccio, CFO.
Performance for the Fourth Quarter and Fiscal Year 2024 (PDF)
Outlook for the First Quarter of Fiscal Year 2025
For the first quarter of fiscal 2025, we are forecasting revenue of $2.35 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 22.0%, +/- 130 bps, and adjusted operating margin of approximately 40.0%, +/- 100 bps. We are planning for reported EPS to be $0.80, +/- $0.10, and adjusted EPS to be $1.53, +/- $0.10.
Our first quarter fiscal 2025 outlook is based on current expectations 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.
The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the “Non-GAAP Financial Information” section for additional information.
Original – Analog Devices
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Tata Group, a global enterprise headquartered in India, and Analog Devices, Inc. announced a strategic alliance to explore potential cooperative manufacturing opportunities.
Tata Electronics, Tata Motors, and Tejas Networks signed a Memorandum of Understanding (MoU) with ADI to enhance strategic and business cooperation, explore opportunities for semiconductor manufacturing in India, and use ADI’s products in Tata applications like electric vehicles and network infrastructure. The companies also agree to have strategic roadmap alignment discussions.
The joint effort is expected to be mutually beneficial and is a significant step in establishing a robust electronics manufacturing ecosystem in India both for domestic and global consumption.
N Chandrasekaran, Chairman of Tata Sons, said, “The Tata Group is deeply committed to pioneering a thriving semiconductor industry in India. We are excited to partner with ADI across the semiconductor value chain and explore collaboration between ADI and Tata Group companies to design and offer advanced products to serve our customers.”
“At ADI, we are thrilled to join efforts with the Tata Group in advancing India’s semiconductor ecosystem. This joint effort aligns with our commitment to innovation and sustainable growth in the region. By combining our real-world semiconductor solutions and software expertise with Tata’s vision and capabilities, we can accelerate the development of cutting-edge technologies, from electric vehicles to next-generation network infrastructure. Together, we are not only building a stronger semiconductor ecosystem but also shaping the future of global electronics manufacturing,” said Vincent Roche, CEO and Chair at ADI.
As previously announced, Tata Electronics is investing in its own facilities by building India’s first fab in Dholera, Gujarat with a total investment of $11 billion. In addition, Tata Electronics will be investing another $3 billion in a greenfield facility in Jagiroad, Assam for the assembly and testing of semiconductor chips.
Tata Electronics and ADI intend to explore opportunities to manufacture ADI’s products in Tata Electronics’ fab in Gujarat and OSAT in Assam. Tata Motors and ADI intend to explore opportunities for engagement in electronics hardware components for energy storage solutions and power electronics in both commercial and passenger vehicle businesses. Tejas Networks and ADI intend to explore opportunities for engagement in electronics hardware components for network infrastructure.
Original – Analog Devices
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Analog Devices, Inc. announced financial results for its fiscal third quarter 2024, which ended August 3, 2024.
“ADI’s revenue finished above our guided midpoint with stronger profitability driving earnings per share near the high end of our outlook,” said Vincent Roche, CEO and Chair. “As we navigate this business cycle’s nascent recovery, our high-performance analog solutions portfolio positions us well to intersect the strong underlying stream of concurrent secular trends. Our innovation and customer-centric ethos will continue to form the foundation for our success and help drive long-term shareholder value.”
“Improved customer inventory levels and order momentum, across most of our markets, position us to grow again sequentially in our fourth quarter, increasing our confidence that we are past the trough of this cycle. However, economic and geopolitical uncertainty continues to limit the pace of the recovery” said Richard Puccio, CFO.
Performance for the Third Quarter of Fiscal 2024 (PDF)
Outlook for the Fourth Quarter of Fiscal Year 2024
For the fourth quarter of fiscal 2024, we are forecasting revenue of $2.40 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 22.3%, +/-180 bps, and adjusted operating margin of approximately 41.0%, +/-100 bps. We are planning for reported EPS to be $0.85, +/-$0.10, and adjusted EPS to be $1.63, +/-$0.10.
Our fourth quarter fiscal 2024 outlook is based on current expectations 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.
The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the “Non-GAAP Financial Information” section for additional information.
Dividend Payment
The ADI Board of Directors has declared a quarterly cash dividend of $0.92 per outstanding share of common stock. The dividend will be paid on September 17, 2024 to all shareholders of record at the close of business on September 3, 2024.
Original – Analog Devices
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Analog Devices, Inc. announced financial results for its fiscal second quarter 2024, which ended May 4, 2024.
“ADI delivered second quarter revenue above the midpoint of our outlook, despite continued macro and inventory headwinds. Further, the strength and resiliency of our business model, coupled with disciplined cost control, enabled us to achieve profitability and earnings per share above the high-end of our outlook,” said Vincent Roche, CEO and Chair.
“We believe inventory rationalization across our broad customer base is stabilizing, clearing a path for us to return to sequential growth in the third quarter. This, coupled with improving new orders, gives us optimism that we are at the beginning of a cyclical recovery.”
Roche continued, “The continued proliferation of the Intelligent Edge presents ADI with numerous concurrent secular growth vectors. AI, where we have been increasing our investments, is expected to accelerate these trends as it increasingly extends from centralized applications in data centers to a myriad of applications at the physical edge. As a leader of real-world data creation, processing, and connectivity, our solutions are becoming increasingly important to customers in the AI-driven era. As such, my confidence in ADI’s ability to drive long term value for all stakeholders remains resolute.”
For the third quarter of fiscal 2024, company’s forecas revenue is $2.27 billion, +/- $100 million. At the midpoint of this revenue outlook, reported operating margin is expected on the level of approximately 20.1%, +/-200 bps, and adjusted operating margin of approximately 40.0%, +/-100 bps. Analog Devices is planning for reported EPS to be $0.71, +/-$0.10, and adjusted EPS to be $1.50, +/-$0.10.
The company’s third quarter fiscal 2024 outlook is based on current expectations 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 business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.
Performance for the Second Quarter 2024 Financials
Original – Analog Devices
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Analog Devices, Inc. announced that its Board of Directors has appointed Dr. Peter B. Henry, a renowned international economist, as an independent director and member of the Board’s Audit Committee effective December 5, 2023.
Dr. Henry is currently the Class of 1984 Senior Fellow at the Hoover Institution and Senior Fellow at the Freeman Spogli Institute for International Studies, both at Stanford University. Dr. Henry is also Dean Emeritus of New York University’s Leonard N. Stern School of Business. His appointment expands ADI’s Board to 13 members.
“We are delighted to welcome Peter to the ADI Board,” said Vincent Roche, ADI’s CEO and Chair. “He is an accomplished academic leader and a well-known figure in foreign affairs, global economics, and international finance. We look forward to bringing his significant expertise and global perspective to our Board as we continue to solve our customers’ toughest challenges and enable breakthroughs at the Intelligent Edge.”
Dr. Henry also leads the Ph.D. Excellence Initiative (PhDEI), a post-baccalaureate program designed to address underrepresentation in economics by mentoring exceptional students from underrepresented backgrounds interested in pursuing doctoral studies in the field. For his founding and leadership of the PhDEI, Dr. Henry received the 2022 Impactful Mentoring Award from the American Economic Association.
Dr. Henry currently serves on the Boards of Directors of Citigroup and NIKE, Inc., and as Chair of the Board of the National Bureau of Economic Research. He is a member of the Council on Foreign Relations.
Previously, Dr. Henry served at New York University’s Leonard N. Stern School of Business as the William R. Berkley Professor of Economics and prior to that as Dean. Before that, Dr. Henry was the Konosuke Matsushita Professor of International Economics at the Stanford University Graduate School of Business, where his early research was funded by a National Science Foundation CAREER Award.
Dr. Henry received a bachelor’s degree in economics from the University of North Carolina at Chapel Hill, a bachelor’s degree in mathematics from Oxford University where he was a Rhodes Scholar, and a Ph.D. in economics from the Massachusetts Institute of Technology.
Original – Analog Devices
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Analog Devices, Inc. announced financial results for its fourth quarter and fiscal year 2023, which ended October 28, 2023.
- Fourth quarter revenue of $2.7 billion with continued double-digit year-over-year growth in Automotive
- Fiscal 2023 revenue of $12.3 billion driven by new records in Industrial & Automotive
- Fiscal 2023 operating cash flow of $4.8 billion and free cash flow of $3.6 billion
- Returned more than $4.6 billion to shareholders in fiscal 2023, including $3.0 billion of share repurchases and $1.7 billion of dividends
“For the fourth quarter, ADI delivered revenue and profitability above the midpoint of our outlook, despite the difficult macroeconomic environment. For the year, 2023 was our third consecutive year of record revenue, led by the strength of our Industrial and Automotive businesses,” said Vincent Roche, CEO and Chair.
“As outlined last quarter, we expect customer inventory digestion to persist into the first half of the year, a reflection of our return to normal lead times and the challenging macro landscape. Despite that backdrop, the robustness of our business model and our continued focus on execution excellence will buttress our operating margins and free cash flow through the cycle.”
Roche continued, “Long-term, the opportunities ahead for ADI remain strongly positive. Our product portfolio is designed to take advantage of numerous secular trends, our opportunity pipeline is robust and expanding, and our commitment to strategic investment in innovation, customer engagement, and supply resiliency remains undeterred. Altogether, I am extremely confident in our ability to leverage these strengths to drive shareholder value for years to come.”
Performance for the Fourth Quarter and Fiscal 2023 (PDF)
Original – Analog Devices
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Silicon Carbide allows for more efficient, smaller, and more capable power conversion systems but getting the most out of these wide-bandgap devices requires intentional selection of everything around the switch. One of the most important parts of the system is the gate driver. The gate drive solution directly impacts the switching efficiency of the SiC MOSFET as well as can have features to make systems more reliable like Miller Clamp and Short Circuit Protection.
From the protection features available on the market today, to the robustness of isolated gate driver solutions, this training will teach about the intricacies of Silicon Carbide needs in gate drivers, the variety of gate drivers available, and the benefits of the various features that gate drivers can provide to the system designer.
During this webinar you will learn:
- Benefits of Silicon Carbide devices in power systems
- Why we need gate drivers for power MOSFETs
- Particulars of driving SiC MOSFETs
- Common Mode Transient Immunity
- Sizing the gate driver power supply and how to implement it
- Why certain gate drive voltages are recommended and application considerations
- Benefits of additional gate driver features for system design
- Miller Clamping
- Short Circuit Protection
- Fault Reporting
- Which gate drivers should be considered depending on the application, including the offering from Analog Devices
- Resources available to design in Silicon Carbide and SiC Gate Drivers
- Date: Wednesday, July 26, 2023
- Time: 9:00 am EDT | 15:00 CET
- Duration: 1 hour
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Analog Devices, Inc. announced a new €630 million investment at its European regional headquarters in the Raheen Business Park in Limerick, Ireland. The investment enables the construction of a new, state-of-the-art, 45,000 sq-ft Research & Development and manufacturing facility.
The new facility will support ADI’s development of next-generation signal processing innovations designed to accelerate the digital transformation of Industrial, Automotive, Healthcare, and other sectors. It is expected to triple ADI’s European wafer production capacity and aligns with the company’s goal of doubling its internal manufacturing capacity to enhance the resiliency of its global supply chain and better serve customer needs. This investment is expected to grow ADI’s employment footprint in the mid-west region of Ireland by 600 new positions, a significant increase to ADI’s current 1,500 employees in Ireland and 3,100 employees in Europe as a whole.
This announcement comes a year after ADI announced a separate investment of €100 million in ADI Catalyst, its 100,000 sq-ft custom-built facility for innovation and collaboration at its Limerick campus. Ireland is also home to ADI’s main European Research and Development Center, which has generated more than 1,000 patents since its inception and has seeded ADI R&D sites throughout Europe in Spain, Italy, UK, Romania, and Germany.
“Since 1976, Ireland has been a critical innovation center for ADI, thanks to its strong academic and research organizations, business ecosystem, and progressive government leadership,” said ADI CEO and Chair Vincent Roche. “This next-generation semiconductor manufacturing facility and expanded R&D team will further extend ADI Limerick’s global influence. Through organic R&D and close collaboration with our customers and ecosystem partners, we are striving to solve some of the world’s greatest challenges and enable a more efficient, safer, and sustainable future.”
The new investment is planned as part of a collaboration within the European Union’s Important Projects of Common European Interest on Microelectronics and Communication Technologies (IPCEI ME/CT) initiative, and will support cross-border collaborative research. ADI’s IPCEI application – Ireland’s first since the inception of the Important Projects of Common European Interest (IPCEI) initiative – is subject to final approval from the European Commission, and is supported by the Irish Government through IDA Ireland.
An Taoiseach Leo Varadkar TD said: “This is a really significant announcement for Limerick and the Mid-West region, which marks a new chapter in the longstanding relationship between ADI and Ireland. This massive €630 million investment is great news for local employment with lots of jobs being created during the construction phase, and 600 high-end graduate jobs. It means a significant expansion in the size and scale of ADI’s research, innovation, and development, leading to new, highly innovative products.
This investment is further evidence of the Government’s commitment to bringing jobs to the Mid-West. Most IDA jobs created in recent years have been outside of Dublin, and Limerick has done particularly well with its deep talent pool, universities, airport, and infrastructure. This investment will also mean lots of spin-off jobs and contracts for local SMEs and Irish-owned businesses. ADI’s investment is part of Ireland’s commitment to develop Important Projects of Common European Interest, IPCEIs, and will contribute to Europe’s broader microelectronics sector. The future is digital. There can be no such future without microchips and it’s great that Ireland is such an important player in the supply chain.”
Minister for Enterprise Trade & Employment Simon Coveney said: “This is a much welcome announcement from Analog Devices and a great vote of confidence in Limerick and the Mid-West. It’s also noteworthy that it’s the latest in a series of major job announcements outside of Dublin. I’m struck not only by the scale of the investment, but also the high quality positions that will result. I’ll be visiting Analog Devices in Boston during a trade mission this week where we’ll be looking forward to many more years of doing business in Ireland.”
IDA Ireland CEO Michael Lohan said: “The technology that ADI will develop at this facility in Limerick is at the very forefront of innovation and has the potential to revolutionise the lives of billions of people across the world. This investment by ADI is intended to strengthen our supply chain resilience for advanced semiconductor processes. We wish continued success to ADI and look forward to our continued partnership. This is a transformational investment for the Limerick site, for the Mid-West region, and for the semiconductor industry in Ireland. IDA Ireland is committed to supporting investments of scale that impact positively on Europe’s semiconductor industry.”
Original – Analog Devices
