Analog Devices beats by $0.03, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; raises dividend
7:02 AM ET 2/21/24 | Briefing.com
Reports Q1 (Jan) earnings of $1.73 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $1.70; revenues fell 22.7% year/year to $2.51 bln vs the $2.5 bln FactSet Consensus. Co issues downside guidance for Q2, sees EPS of $1.16-1.36, excluding non-recurring items, vs. $1.56 FactSet Consensus; sees Q2 revs of $2.0-2.2 bln vs. $2.36 bln FactSet Consensus.Co added, "Consistent with our prior view, we expect customer inventory rationalization to largely subside in our second quarter, and thus enter the second half in a more favorable business backdrop. Importantly, we are well positioned to capitalize on the inevitable upswing given our replenished die banks, short lead times, and agile hybrid manufacturing model."Co declared a quarterly cash dividend of $0.92 per outstanding share of common stock, up 7% from its previous dividend. |
