Analog Devices reports strong financial results
Analog Devices Inc. has put in a strong set of fourth fiscal quarter financial results reflecting its exposure to the still relatively buoyant industrial, automotive and communications sectors.
The company made a net profit of US$936 million on sales of US$3.25 billion for the quarter ended October 29 ahead of forecast. The sales revenue was up 38.8 percent on the same quarter a year ago and up 4.5 percent on the previous quarter.
For the full fiscal year Analog Devices achieved sales of US$12.0 billion up by 64 percent on the previous fiscal year, reflecting Analog Devices’ acquisition of Maxim Integrated Products. During the year Analog’s business-to-business divisions serving industrial, automotive and communications each achieved record revenues.
“ADI delivered its seventh consecutive quarter of record revenue, bringing 2022 to a strong close. Our B2B markets of industrial, automotive and communications reached all-time highs, while our consumer business delivered another year of strong growth. Our team’s execution, combined with strong operating leverage, enabled the most profitable year in ADI’s history,” said Vincent Roche, CEO and chair, in a statement. “While the economic backdrop continues to cause demand uncertainty, we are well-positioned in the near-term with stabilizing orders, a strong backlog, and continued design win momentum.”
ADI is forecasting a slight seasonal dip in the first quarter of fiscal 2023 at US$3.15 billion +/- US$100 million.
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