Analog Devices Tops Q1 Backed By Momentum Across End Markets, Geographies; Boosts Dividend By 10%

Analog Devices Inc ADI reported first-quarter FY22 revenue growth of 72% year-on-year to $2.68 billion, beating the consensus of $2.60 billion. Adjusted EPS of $1.94 beat the consensus of $1.77.
End Markets: Analog Devices' Industrial revenue grew 57% Y/Y to $1.34 billion.
Automotive revenue increased 124% Y/Y to $552.7 million. Communications revenue rose 46% to $412.4 million, and Consumer revenue grew 117% to $378.1 million.
Margins: The adjusted gross margin expanded 190 bps to 71.9%. The adjusted operating margin grew 510 bps to 45.8%.
Analog Devices held $1.8 billion in cash and equivalents and generated $856.4 million in operating cash flow.
Dividend: The board raised the quarterly cash dividend by 10% to $0.76 per share, payable on March 8, 2022, to all shareholders of record on February 25, 2022.
Outlook: Analog Devices sees Q2 FY22 revenue of $2.7 billion - $2.9 billion, above the consensus of $2.64 billion.
The company sees adjusted EPS of $1.97 - $2.17, above the consensus of $1.84.
"With higher bookings and backlog as well as additional capacity investments, I am confident we will sustain this level of performance throughout 2022," said CEO Vincent Roche.
Price Action: ADI shares traded higher by 1.83% at $165 in the premarket session on the last check Wednesday.

Earnings Calendar