Analog Devices 4Q Outlook In Line With Analysts' Expectations
17 August 2022 - 2:12PM
Dow Jones News
By Will Feuer
Analog Devices Inc. issued guidance ranges for the current
quarter comparable with analysts' views, though Chief Executive
Vincent Roche said economic uncertainty is beginning to weigh on
bookings.
The semiconductor company said it expects revenue for the fiscal
fourth quarter to be between $3.05 billion and $3.25 billion.
Analysts surveyed by FactSet expected revenue to be $3.11 billion
for the current quarter.
Earnings are expected to be between $1.59 a share and $1.79 a
share. Adjusted earnings are expected to be between $2.47 a share
and $2.67 a share. Analysts were looking for fourth-quarter
adjusted earnings of $2.50 a share, according to FactSet.
"While economic uncertainty is beginning to impact bookings,
demand continues to outpace supply, resulting in higher backlog,
paving the way for a strong finish to a banner year," Mr. Roche
said.
"With customers increasingly focused on digitalization,
appreciation for ADI's cutting-edge technology is accelerating.
This undeniable trend, along with our relentless focus on
innovation, gives me great confidence in our ability to drive
long-term growth while making a positive societal impact," he
said.
Shares of Analog Devices fell almost 3% in premarket trading, to
$174 a share. The stock was up about 2% so far this year.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
August 17, 2022 07:57 ET (11:57 GMT)
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