Analog Devices (ADI) Tops Q1 EPS by 12c, Revenues Beat; Offers 2Q EPS/Revenue Mid-Point Guidance Above Consensus

Analog Devices (NASDAQ: ADI) reported Q1 EPS of $1.44, $0.12 better than the analyst estimate of $1.32. Revenue for the quarter came in at $1.56 billion versus the consensus estimate of $1.51 billion.

• Revenue of $1.56 billion with double digit year-over-year growth across all B2B markets
• Operating cash flow of $2.1 billion and free cash flow of $1.9 billion, or 33% of revenue, on a trailing twelve months basis
• Returned over $380 million to shareholders in the first quarter through dividends and share repurchases
• Increased quarterly dividend by 11%, marking the Company's 18th increase over the last 17 years

“ADI delivered strong first quarter results at the high end of our outlook, reflecting the diversity of our business and our alignment to the most important secular growth trends,” said Vincent Roche, President and CEO. “Revenue increased 20% year-over-year with growth across all market segments, including a record quarter for our Industrial business. While the economic backdrop remains uncertain, we are confident that a broad-based recovery is underway given continued momentum in ADI’s bookings and lean inventories across the industry.”

Roche continued, “ADI remains focused on addressing our customers’ toughest challenges and providing breakthrough solutions, pushing the edge of what is possible. At the same time, we are passionately driven to deliver a positive impact on the world around us, enabling a more connected, safer and sustainable future, while creating value for all stakeholders.”

GUIDANCE:

Analog Devices sees Q2 2021 EPS of $1.36-$1.52, versus the consensus of $1.39. Analog Devices sees Q2 2021 revenue of $1.55-1.65 billion, versus the consensus of $1.55 billion.

• For the second quarter of fiscal 2021, we are forecasting revenue of $1.60 billion, +/- $50 million.
• At the midpoint of this revenue outlook, we expect reported operating margin of approximately 30.6%, +/-110 bps, and adjusted operating margin of approximately 41.0%, +/-70 bps.
• We are planning for reported EPS to be $1.06, +/-$0.08, and adjusted EPS to be $1.44, +/-$0.08.

For earnings history and earnings-related data on Analog Devices (ADI) click here.

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