Analog Devices (NASDAQ: ADI) reported third-quarter earnings of $1.26 per share, which beat the analyst consensus estimate of $1.22 by 3.28%. This is a 17.65% decrease over earnings of $1.53 per share from the same period last year.
The company reported quarterly sales of $1.48 billion, which beat the analyst consensus estimate of $1.45 billion by 2.07%. This is a 5.91% decrease over sales of $1.573 billion the same period last year.
Analog Devices sees fourth-quarter adjusted EPS $1.15-$1.29 versus the $1.29 estimate and sales of $1.4 billion-$1.5 billion versus the $1.49 billion estimate.
"In what continues to be a challenging macroeconomic environment, we once again executed soundly and delivered strong financial results," said CEO Vincent Roche. "Revenue and operating margins came in above the midpoint of guidance as ongoing broad-based weakness compared to the year ago quarter was balanced by growth in new areas such as 5G and electric vehicles. Further, we returned more than $300 million of cash to our shareholders in the third quarter through share repurchases and dividends."
Analog Devices shares were trading down 2.08% at $108 in Wednesday’s pre-market session. The stock has a 52-week high of $124.78 and a 52-week low of $76.62.
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