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Analog Devices Reports Strong Third Quarter Results with Revenue Above the High-End of Guidance and Double-Digit year-over-year EPS Growth
- Revenues of $1.57 billion; B2B sales increased double digits year-over-year
- Operating Cash Flow of $2.4 billion and Free Cash Flow of $2.2 billion on a trailing twelve months basis
- 2x target leverage achieved ahead of plan, reinstates share buyback program and increases share repurchase authorization by $2 billion
- B2B sales projected to increase low double digits year-over-year in the fourth quarter
NORWOOD, Mass.--(BUSINESS WIRE)--August 22, 2018--Analog Devices, Inc. (Nasdaq: ADI), the leading global high-performance analog technology company, today announced financial results for its third fiscal quarter, which ended August 4, 2018.
“We delivered outstanding financial results for the third quarter, reflecting the strong execution of our strategy,” said Vincent Roche, President and CEO. “I am particularly pleased with our revenue growth year-over-year which benefited from continued high demand for our products across our B2B markets. Our continued strong growth and profitability allowed us to achieve our leverage target three quarters ahead of our plan, and reinstate our share repurchase program as we enter the fourth quarter.”
“ADI is uniquely positioned to support the evolving needs of our customers in the third wave of the Information and Communications Technology revolution. With our leadership in high performance analog, we will continue to innovate to build industry-leading solutions to enable us to capture growth opportunities, gain market share, and deliver value for our customers and shareholders.”
In a separate release issued August 21, 2018, ADI announced that it has reinstated its share repurchase program and that its Board of Directors has authorized the Company to purchase an additional $2 billion of its common stock.
The ADI Board of Directors has also declared a quarterly cash dividend of $0.48 per outstanding share of common stock. The dividend will be paid on September 12, 2018 to all shareholders of record at the close of business on August 31, 2018.
Supplemental schedules relating to our third quarter fiscal 2018 financial results are also available on our investor site at investor.analog.com.
The following information was filed by Analog Devices Inc (ADI) on Wednesday, August 22, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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