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Analog Devices Reports Fourth Quarter and Fiscal Year 2013 Results
NORWOOD, Mass.--(BUSINESS WIRE)--November 26, 2013--Analog Devices, Inc. (NASDAQ: ADI), a global leader in high-performance semiconductors for signal processing applications, today announced financial results for its fiscal fourth quarter and fiscal year which ended November 2, 2013.
“Revenue for the fourth quarter increased 1% sequentially, a good result in an uncertain macroeconomic climate,” said Vincent Roche, President and CEO. “Operationally, the business performed well. Excluding special items, margins expanded relative to the prior quarter, operating cash flow was very strong at 42% of sales, and we returned $149 million to shareholders in the form of dividends and share repurchases.”
“Given the strength of our technology portfolio and customer relationships, we are optimistic about our future. However, in the near-term we are entering a slower seasonal period, with customer shutdowns and inventory reductions coinciding with the holidays in December and January. As a result, our plan is for revenue to decline in the first quarter compared to the prior quarter,” said Mr. Roche. “By reducing factory utilization rates and keeping expenses under tight control, we will be in a strong position for operating leverage when growth resumes.”
ADI also announced that its Board of Directors has declared a cash dividend of $0.34 per outstanding share of common stock. The dividend will be paid on December 17, 2013 to all shareholders of record at the close of business on December 6, 2013.
Results for the Fourth Quarter of Fiscal Year 2013
- Revenue totaled $678 million
- Gross margin was 65.6% of revenue
- Operating margin was 31.8% of revenue, excluding special items
- Diluted EPS was $0.62, excluding special items
- Cash flow from operations was $282 million, or 41.6% of revenue
Results for Fiscal Year 2013
- Revenue totaled $2.6 billion
- Gross margin was 64.3% of revenue
- Operating margin was 30% of revenue, excluding special items
- Diluted EPS was $2.15, excluding special items
- Free cash flow was $789 million, or 30% of revenue
- Repurchases of common stock and dividend payments to shareholders totaled $466 million
Please refer to the schedules provided for a summary of revenue and earnings, selected balance sheet information, and the cash flow statement for the fourth quarter of fiscal year 2013, as well as the immediately prior and year-ago quarters. 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.
The following information was filed by Analog Devices Inc (ADI) on Tuesday, November 26, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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