Analog Devices (ADI) Reports Earnings Tomorrow. What To Expect
Stock Story
Published Feb 20, 2024 02:01AM ET
Updated Feb 20, 2024 06:01AM ET
Analog Devices (ADI) Reports Earnings Tomorrow. What To Expect
Manufacturer of analog chips, Analog Devices (NASDAQ:ADI) will be announcing earnings results tomorrow before market open. Here's what investors should know.
Last quarter Analog Devices reported revenues of $2.72 billion, down 16.4% year on year, in line with analyst expectations. It was a weak quarter for the company, with underwhelming revenue guidance for the next quarter and a decline in its gross margin.
Is Analog Devices buy or sell heading into the earnings? Find out by reading the original article on StockStory.
This quarter analysts are expecting Analog Devices's revenue to decline 23.1% year on year to $2.5 billion, a deceleration on the 21.1% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.71 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company only missed Wall St's revenue estimates once over the last two years, and has on average exceeded top line expectations by 2.1%.
Looking at Analog Devices's peers in the analog semiconductors segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. Skyworks Solutions (NASDAQ:SWKS)'s revenues decreased 9.6% year on year, missing analyst estimates by 0.2% and ON Semiconductor (NASDAQ:ON) reported revenue decline of 4.1% year on year, exceeding estimates by 0.4%. Skyworks Solutions traded up 5.5% on the results, and ON Semiconductor was up 3.8%.
Read the full analysis of Skyworks Solutions's and ON Semiconductor's results on StockStory.
Investors in the analog semiconductors segment have had steady hands going into the earnings, with the stocks flat over the last month. Analog Devices is down 4.8% during the same time, and is heading into the earnings with analyst price target of $207, compared to share price of $187.9.
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Written By: Stock Story
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