© Analog Devices Business | August 21, 2020
ADI surpassed expectations during its third quarter
“We executed exceptionally well in this uncertain environment. Our quarterly results came in above the midpoint of our revised outlook, which is a testament to the dedication of our talented global team and the resilience of our diversified business,” says CEO president and CEO, Vincent Roche, in a press release.
According to the CEO, revenue growth was led by strength across ADI’s industrial and communications markets, and both gross and operating margins returned within the range of the company’s financial model. During the company’s third quarter for 2020, Analog Devices recorded revenues of USD 1.46 billion, an increase of 11% from the previous quarter but down 2% from the same quarter last year. Operating income for the quarter was USD 419 million, down 6% from USD 447 million during the same quarter last year. Net income during the company’s third quarter of 2020 amounted to USD 362 million, flat when compared to the same quarter last year. During the company’s conference call for the quarter report, the CEO stated that demand was resilient, surpassing our expectations, leading to stronger than expected results. “We saw continued strength in communications across both wireless and wireline applications. Healthcare saw record demand, and other parts of our industrial portfolio such as instrumentation test also performed well. Unsurprisingly, the main area of weakness was automotive, driven by global factory shutdowns and lower vehicle sales.” He continued to say that ADI is focused on spending its capital efficiently, and the first call is funding new product development. “During the quarter, we invested approximately USD 260 million in R&D with more than 95% targeted at the most attractive B2B opportunities.” Another highlight during the quarter was the recently announced acquisition of Maxim, which will expand ADI’s technology capabilities as well as grow its cadre of engineers. Outlook for the fourth quarter of fiscal year 2020 For the fourth quarter of fiscal 2020, the company is forecasting revenue of USD 1.44 billion.
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