Wed, Aug 21, 11:05 AM (146 days ago)
Analog Devices, Inc. reported significant declines in its financial performance for the third quarter ended August 3, 2024. Revenue dropped 25% year-over-year to $2,312,209, reflecting a broader decline in demand across all markets, particularly in the industrial and communications sectors. Gross margin decreased to 56.7%, down from 63.8% in the prior year, primarily due to lower factory utilization and an unfavorable product mix. Net income fell sharply by 55% to $392,232, with diluted earnings per share decreasing to $0.79. The company's operating income also declined by 47% to $491,319, impacted by reduced revenue and gross margin. Cash flow from operations was $2,801,712, representing 40% of revenue, while cash used for investing activities increased due to short-term investments. The company maintained a robust liquidity position with $2.5 billion in cash and equivalents. Looking forward, uncertainties persist regarding demand fluctuations and supply chain dynamics, which may impact future operations and financial stability. The Board declared a dividend of $0.92 per share, indicating ongoing commitment to returning value to shareholders amidst challenging market conditions.