Analog Devices (ADI) Beats Q3 Earnings And Revenue Estimates
Zacks Investment Research | Aug 30, 2017 12:15AM ET
Analog Devices Inc. (NASDAQ:ADI) reported fiscal third-quarter 2017 adjusted earnings of $1.26 per share, which beat the Zacks Consensus Estimate of $1.15.
The better-than-expected results were driven by strength across all the markets - industrial, automotive, consumer and communications, and positive contributions from Linear Technology (NASDAQ:LLTC) acquisition.
At the call, management sounded upbeat about value creation and cost synergy possibilities in relation to the acquisition. The merger has created an analog industry leader across a huge range of products, customer breadth and scale.
The deal significantly expanded Analog Devices' total addressable market allowing it to cater to phenomenal demand in some of the most attractive markets such as industrial, automotive and communications infrastructure markets.
Concurrent with the release of quarterly results, the company declared a quarterly cash dividend of 45 cents per share, translating into annual dividend of $1.80. While its investments are aimed at strengthening the product line and countering increasing competition, the policy of returning cash through dividends and share buybacks will ensure investor loyalty.
Analog Devices stock has gained 13.8% year to date, underperforming the 15.3% rally of the Zacks Investment Research
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