Analog Devices misses by $0.01, reports revs in-line; guides Q1 EPS in-line, revs in-line
7:05 AM ET 11/21/23 | Briefing.com
Reports Q4 (Oct) earnings of $2.01 per share, excluding non-recurring items, $0.01 worse than the FactSet Consensus of $2.02; revenues fell 16.4% year/year to $2.72 bln vs the $2.7 bln FactSet Consensus. Co issues in-line guidance for Q1, sees EPS of $1.60-1.80 vs. $1.91 FactSet Consensus; sees Q1 revs of $2.4-2.6 bln vs. $2.69 bln FactSet Consensus."For the fourth quarter, ADI delivered revenue and profitability above the midpoint of our outlook, despite the difficult macroeconomic environment. For the year, 2023 was our third consecutive year of record revenue, led by the strength of our Industrial and Automotive businesses," said Vincent Roche, CEO and Chair. "As outlined last quarter, we expect customer inventory digestion to persist into the first half of the year, a reflection of our return to normal lead times and the challenging macro landscape. Despite that backdrop, the robustness of our business model and our continued focus on execution excellence will buttress our operating margins and free cash flow through the cycle." |
