Analog Devices Exceeds Q3 Expectations, Forecasts Strong Q4 Amid 4.3% Pre-Market Increase

Aug 21, 2024, 12:30 PM

Analog Devices Inc. reported its third-quarter earnings, surpassing Wall Street expectations with an earnings per share (EPS) of $1.58, compared to the forecasted $1.51. The company's revenue reached $2.31 billion, exceeding the anticipated $2.27 billion. The CEO highlighted that the company's high-performance analog solutions portfolio positions it well amid a nascent market recovery. For the fourth quarter, Analog Devices forecasts adjusted EPS between $1.53 and $1.73, and revenue between $2.30 billion and $2.50 billion, both above Wall Street estimates. The company experienced a 4.3% increase in pre-market trading following the earnings announcement. Operating cash flow was reported at $4.0 billion, with a free cash flow of $2.9 billion. The market capitalization stands at $110.9 billion. Year-over-year, EPS decreased by 36.55% and revenue by 24.84%.