ANALOG DEVICES INC Quarterly Report for Q3 Ended Aug 3, 2013

Summary

Analog Devices, Inc. (ADI) reported its financial results for the third quarter and the first nine months of fiscal year 2013, ending August 3, 2013. For the quarter, revenue was $674.2 million, a slight decrease of 1% year-over-year, while net income increased by 4% to $176.2 million, resulting in diluted EPS of $0.56. For the nine-month period, revenue decreased by 3% to $1.96 billion, with net income remaining flat at $471.9 million and diluted EPS at $1.51. The company's liquidity remains strong, with $4.45 billion in cash, cash equivalents, and short-term investments. A significant portion of this cash is held overseas and is intended for indefinite reinvestment. ADI's balance sheet reflects prudent management, with a decrease in inventories and a manageable increase in accounts receivable. The company also continues its capital allocation strategy, maintaining its quarterly dividend and having $561 million available for future stock repurchases.

Key Highlights

• 1Revenue for the third quarter of fiscal 2013 was $674.2 million, a 1% decrease compared to the prior year's quarter.
• 2Net income for the quarter increased by 4% to $176.2 million, or $0.56 per diluted share.
• 3For the nine months ended August 3, 2013, revenue decreased by 3% to $1.96 billion, while net income remained relatively flat at $471.9 million, with diluted EPS of $1.51.
• 4The company maintained a strong liquidity position with $4.45 billion in cash, cash equivalents, and short-term investments.
• 5Inventories decreased by 9% to $284.3 million, indicating effective inventory management.
• 6ADI redeemed its 5.0% senior unsecured notes and issued new 2.875% senior unsecured notes in the third quarter, managing its debt profile.
• 7The company expects fourth-quarter fiscal 2013 revenue to be in the range of $675 million to $700 million, with diluted EPS projected between $0.55 and $0.61.

Frequently Asked Questions