Analog Devices, Inc. (NASDAQ: ADI), a global leader in high-performance semiconductors for signal processing applications, today announced financial results for its first quarter of fiscal year 2013, which ended February 2, 2013.
Results for the First Quarter of Fiscal 2013
- Revenue totaled $622.1 million
- Gross margin was 62.7% of revenue
- Operating margin was 26.9% of revenue, excluding special items, and was 24.7% on a GAAP basis
- Diluted EPS was $0.44, excluding special items, and was $0.42 on a GAAP basis
- Cash flow from operations was $158 million, or 25.4% of revenue
“Results for the first quarter were within the range we communicated and represented a generally weak macroeconomic environment exacerbated by year-end inventory reductions at many customers. Nevertheless, our operating performance remained strong, as we carefully managed our business to balance the long term opportunities for ADI with the realities of current market conditions,” said Jerald G. Fishman, CEO. “In January, order rates began to improve across most markets and geographies and have remained strong so far this quarter. As a result, we are planning for solid revenue growth in our second quarter, in the range of 4-8% sequentially with significant operating leverage.”
ADI also announced that its Board of Directors has approved a 13 percent increase in its regular quarterly dividend, from $0.30 to $0.34 per outstanding share of common stock. The dividend will be paid on March 12, 2013 to all shareholders of record at the close of business on March 1, 2013.Please refer to the schedules provided for a summary of revenue and earnings, selected balance sheet information, and the cash flow statement for the first quarter of fiscal year 2013, as well as the immediately prior and year-ago quarters. The first quarter of fiscal year 2012 was a 14-week period. Additional information on revenue by end market and revenue by product type is provided on Schedules D and E. A more complete table covering prior periods is available at investor.analog.com. Outlook for the Second Quarter of Fiscal 2013 The following statements are based on current expectations. These statements are forward- looking 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.
- Revenue estimated to increase in the range of 4% to 8% sequentially
- Gross margin estimated to be approximately 64%
- Operating expenses estimated to be approximately $224 million
- Tax rate estimated to be approximately 17%
- Diluted EPS estimated at $0.49 to $0.55