Analog Devices, Inc. (NASDAQ:ADI) Bernstein 40th Annual Strategic Decisions Conference May 29, 2024 10:00 AM ET Company Participants Michael Lucarelli - VP, IR & FP&A Richard Puccio - Executive VP & CFO Conference Call Participants Stacy Rasgon - Bernstein Stacy Rasgon I guess, we'll get started. Good morning, everyone. Thank you for coming. I'm Stacy Rasgon. I cover the U.S. semiconductor sector here at Bernstein. And it's my honor today to introduce our guests, Rich Puccio, the CFO of Analog Devices; and ...

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WILMINGTON, Mass., May 23, 2024 /PRNewswire/ -- Analog Devices, Inc. (Nasdaq: ADI) today announced that the Company's Executive Vice President & Chief Financial Officer, Richard Puccio, will discuss business topics and trends at the Bernstein 40th Annual Strategic Decisions Conference taking place at the New York Hilton Midtown Hotel, located in New York, New York, on Wednesday, May 29, 2024, at 10:00 a.m. EST.The webcast for the conference may be accessed live via the Investor Relations section of Analog D ...

Key PointsAnalog Devices has a better-than-feared quarter and indicates the start of a cyclical recovery. Cash flow and capital returns are robust and will continue this year. Analysts are leading this market to new highs: a 10% to 20% upside is still possible. 5 stocks we like better than Analog DevicesAnalog Devices NASDAQ: ADI share prices are surging because a trough is in place, and the outlook is robust. The FQ2 results and guidance for FQ3 aren't robust but show markets stronger than expected, and AI ...

财务数据和关键指标变化 - 第二季度营收为21.6亿美元,同比下降34% [33] - 毛利率为66.7%,环比和同比下降,主要受到不利的产品组合、收入下降和产能利用率下降的影响 [38] - 营业费用大幅同比下降,主要得益于可变薪酬的下降和公司范围内的成本控制 [39] - 营业利润率达39%,超出了公司的预期 [39] - 第三季度营收预计为22.7亿美元,环比增长5% [44] - 第三季度毛利率预计超过67% [83] 各条业务线数据和关键指标变化 - 工业业务占营收47%,同比下降44% [34] - 汽车业务占营收30%,同比下降10% [35] - 通信业务占营收11%,同比下降45% [35] - 消费业务占营收11%,同比下降9% [36][37] 各个市场数据和关键指标变化 - 工业业务中,航空航天和国防表现优于整体工业 [34] - 汽车业务中,连接性和功能安全电源持续增长,抵消了其他应用的下降 [35] 公司战略和发展方向及行业竞争 - 公司正在加大在人工智能领域的投资,从传感器到云端都有布局 [18][19][20][25][29] - 公司在电源管理、高性能计算和光通信等领域有独特优势,将受益于人工智能基础设施的建设 [20][21][22][23][24] - 公司正在将人工智能应用到产品中,提升性能和价值 [26][27][28] - 公司在创新和定价方面有优势,产品生命周期长,定价较为稳定 [92][93][116][117][118] 管理层对经营环境和未来前景的评论 - 公司认为已经见到了这一轮周期的低点,PMI指数改善、客户库存趋于稳定,订单也连续三个季度有所改善 [10][11] - 管理层对短期经济和地缘政治的不确定性保持谨慎,但对公司的长期发展前景充满信心 [11][30] - 管理层预计2025年将是公司业绩快速增长的一年 [69][70] 问答环节重要的提问和回答 问题1 **Tore Svanberg 提问** 询问第三季度工业业务的强劲增长背后的原因 [54] **Richard Puccio 回答** 工业业务是公司最多元化和利润最高的市场,经历了前所未有的广泛性库存调整。PMI指数改善和连续三个季度的订单增长表明工业业务正处于复苏阶段 [56][57][58][59] 问题2 **Vivek Arya 提问** 如何区分终端需求和库存变化的影响 [71] **Vincent Roche 和 Richard Puccio 回答** 很难完全分离这两个因素,但公司监控的信号显示客户库存已经恢复正常,同时公司自身的库存也在逐步降低,为第二半年的增长奠定基础 [73][74][75][79][80][81] 问题3 **Joseph Moore 提问** 公司毛利率和营业利润率的提升趋势背后的原因 [113] **Richard Puccio 和 Vincent Roche 回答** 公司灵活的制造模式、持续的生产效率提升、产品创新和定价优势是毛利率和营业利润率提升的主要原因 [114][115][116][117][118]

Analog Devices Inc. (ADI) has reported second-quarter fiscal 2024 adjusted earnings of $1.40 per share, which surpassed the Zacks Consensus Estimate by 11.1%. The bottom line declined 51% from the year-ago quarter.Revenues of $2.16 billion beat the Zacks Consensus Estimate of $2.10 billion. The top line fell 34% from the year-ago quarter.Softness in the communications, consumer, automotive and industrial end-markets was a major negative.Revenues by End MarketsIndustrial: The market generated revenues of $1. ...

Key TakeawaysAnalog Devices beat profit and sales estimates as the semiconductor manufacturer sees a "cyclical recovery" ahead.The company also posted current-quarter guidance that exceeded forecasts.Analog Devices said customer inventories are stabilizing, and new orders are rising. Analog Devices (ADI) shares soared to a record high Wednesday after the semiconductor maker posted better-than-expected results and guidance as inventory backlogs eased. The company reported fiscal second-quarter adjusted earni ...

For the quarter ended April 2024, Analog Devices (ADI) reported revenue of $2.16 billion, down 33.8% over the same period last year. EPS came in at $1.40, compared to $2.83 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $2.1 billion, representing a surprise of +2.60%. The company delivered an EPS surprise of +11.11%, with the consensus EPS estimate being $1.26.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how ...

营收情况 - 2024年5月4日，公司营收为21.59亿美元，同比下降34%[32] - 工业市场营收为10.15亿美元，同比下降44%[34] - 直销渠道营收为8.73亿美元，同比下降40%[36] - 2024年5月4日，公司营业收入为386,123美元，同比下降66%[43] 利润情况 - 净利润为3.02亿美元，同比下降69%[32] - 2024年5月4日，公司净利润为302,242美元，同比下降69%[46] 费用情况 - 毛利率为54.7%，同比下降11%[37] - 研发费用为3.55亿美元，同比下降15%[38] - 销售、市场、总务及行政费用为2.44亿美元，同比下降25%[39] - 无形资产摊销费用为1.89亿美元，同比下降25%[41] 资金情况 - 公司现金、现金等价物和短期投资总额为24亿美元，其中约15亿美元在美国[47] 资本支出和股票回购计划 - 公司预计2024财年的资本支出将在6亿至8亿美元之间[59] - 公司董事会已授权在普通股回购计划下回购总额达167亿美元的普通股[57]

财务表现 - 2024财年第二季度营收为21.59亿美元，高于我们的预期中值[1] - 调整后的净现金流为42.76亿美元，自由现金流为30.64亿美元[1] - 第三财季预计营收为22.7亿美元，预计调整后每股收益为1.50美元[4] - 董事会宣布每股普通股的季度现金股利为0.92美元[7] 模拟设备公司财务表现 - 2024年第二季度，模拟设备公司的营收为46.72亿美元，同比下降28%[31] - 模拟设备公司的净利润为30.22亿美元，同比下降69%[30] - 模拟设备公司的每股基本收益为0.61美元[30] - 模拟设备公司的每股摊薄收益为0.61美元[30] - 模拟设备公司的总资产为488.62亿美元[29] - 模拟设备公司的经营活动产生的净现金流为19.47亿美元[30] - 模拟设备公司的投资活动使用的净现金流为8.21亿美元[30] - 模拟设备公司的融资活动提供的净现金流为1.44亿美元[30] - 过去12个月，模拟器件公司的营收为104.65亿美元，运营活动提供的净现金为42.76亿美元，资本支出为12.12亿美元，自由现金流为30.64亿美元，自由现金流占营收的比例分别为41%[33]，29%[33]。 - 预计2024年8月，模拟器件公司的营收将达到27亿美元，营业利润率为20.1%，调整后为40.0%[34]。 - 预计2024年8月，模拟器件公司的每股收益将为0.71美元，调整后为1.50美元[34]。