Analog Devices jumps as Q3 results, guidance blow past expectations

[Analog Devices headquarters in Silicon Valley]
Sundry Photography

Analog Devices (NASDAQ:ADI [https://seekingalpha.com/symbol/ADI]) shares rose more than 2% in premarket trading on Wednesday after the analog chipmaker reported fiscal third-quarter results and offered up guidance that were above Wall Street's forecast.

For the period ending August 2, Analog Devices said it earned an adjusted $2.05 per share, above the $1.95 per share estimate. Revenue soared 24.6% year-over-year to $2.88B, above the $2.77B estimate.

Shares of other analog suppliers, such as Texas Instruments (TXN [https://seekingalpha.com/symbol/TXN]), NXP Semiconductors (NXPI [https://seekingalpha.com/symbol/NXPI]) and STMicroelectronics (STM [https://seekingalpha.com/symbol/STM]) rose in conjunction with Analog's results.

“Despite geopolitical challenges, ADI's third-quarter revenue and earnings per share exceeded the high end of our expectations,” CEO and Chair Vincent Roche said in a statement. “While tariffs and trade fluctuations are creating market uncertainty, the demand for ADI's products remains robust. The company's relentless focus on cutting-edge innovation positions us to capitalize on the growth of the intelligent physical edge. In addition, our diverse and resilient business model enables ADI to navigate various market conditions and consistently create long-term value for our shareholders.”

CFO Richard Puccio added that the company saw continued backlog growth and “healthy” bookings trends, notably in the industrial market.

Looking to the fourth-quarter, Analog Devices said it expects to earn between $2.12 and $2.32 per share on an adjusted basis, with the midpoint well above the $2.03 per share estimate. Sales are forecast to be between $2.9B and $3.1B, with the $3B midpoint also markedly higher than the $2.83B estimate.

In addition to the quarterly results, Analog declared its quarterly dividend of $0.99 per share, payable to shareholders of record at the close of business on Sept. 2. The payment will be made on Sept. 16.

The company will host a conference call at 10 a.m. EST to discuss the results.

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