The forward-looking information that's provided on this call represents our outlook as of today, and we do not undertake any obligation to update the forward-looking statements made by us. Subsequent events and developments may cause our outlook to change. Therefore, this conference call will include time-sensitive information that may be accurate only as of the date of the live broadcast, which is August 21, 2012.
And with that, I'll turn the call over to ADI's CEO for opening remarks.
Jerald G. Fishman
Well, good afternoon to everybody, and welcome to our third quarter 2012 conference call. As you can tell from our press release this afternoon, our revenues totaled about $683 million, which was up about 1% from the previous quarter and down about 10% from the same quarter last year, and was just very slightly below our plan for the quarter, but well within the range that we communicated in May. Diluted earnings per share of $0.56 was at the midpoint of our earlier guidance.The good news is that despite economic headwinds and increasing uncertainty in most regions of the world, our business in aggregate remains stable during the quarter. Our bellwether industrial business which now comprises 47% of our revenues, was approximately flat to last quarter, remaining stable after growing very strongly in our Q2.Our largest industrial customers indicate to us that while their earlier growth expectations for 2012 have modulated in the past few months, they currently see very little deterioration in their business to date, and they don't expect any significant downturn for the balance of the year. Now these customers, the large industrial customers, were for the most part are on plan for the quarter.Our distribution channel, which primarily serves the industrial market, was consistent throughout the quarter and was stable in July. In fact in July, we saw stronger bookings on ADI from our distributors, indicating that while they too remain cautious, they don't foresee any deterioration in their business in the near term. These trends are very significant for ADI given the importance of the industrial market to our revenues and to our profits.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV