Analog Devices Reports Record Revenue and Earnings for the Second Quarter Fiscal 2021

  • Revenue of $1.66 billion increased 26% year-over-year with record revenue in the Industrial and Automotive markets
  • Operating cash flow of $2.4 billion and free cash flow of $2.2 billion, or 36% of revenue, on a trailing twelve months basis
  • Returned over $440 million to shareholders through dividends and share repurchases in the quarter
  • Received European Union, Korea, Taiwan, Japan, and Singapore approvals for the Maxim Integrated acquisition and on track to close this summer

WILMINGTON, Mass. — (BUSINESS WIRE) — May 19, 2021 — Analog Devices, Inc. (Nasdaq: ADI), a leading global semiconductor company, today announced financial results for its second quarter of fiscal 2021, which ended May 1, 2021.

“ADI delivered record quarterly results that exceeded the high end of our outlook, reflecting the insatiable demand for our products and disciplined operational execution. Revenue increased 26% and gross and operating margins continued to expand, leading to earnings growth of 43%,” said Vincent Roche, President and CEO. “The economic recovery has materialized faster and stronger than initially anticipated, increasing pressure across supply chains globally. Our decision to strategically invest in additional capacity ahead of this demand inflection has enabled us to move with speed and agility to better serve our customers. These investments combined with continued momentum in bookings give us confidence that our second half will be stronger than the first half.”

Roche added, “Semiconductors are the bedrock of the modern digital economy and their importance to accelerating digitalization across all industries has never been more apparent. Our cadre of talented employees continues to push the edge of what is possible and deliver maximum customer impact. I am more optimistic than ever about ADI’s position in this reordered world as we create long-term value for all stakeholders.”

Performance for the Second Quarter of Fiscal 2021

Results Summary(1)

(in millions, except per-share amounts and percentages)

 

 

 

 

 

 

 

Three Months Ended

 

May 1, 2021

 

May 2, 2020

 

Change

Revenue

$

1,661

 

 

$

1,317

 

 

26

%

Gross margin

$

1,137

 

 

$

847

 

 

34

%

Gross margin percentage

68.4

%

 

64.3

%

 

 

410 bps

Operating income

$

520

 

 

$

344

 

 

51

%

Operating margin

31.3

%

 

26.1

%

 

 

520 bps

Diluted earnings per share

$

1.14

 

 

$

0.72

 

 

58

%

 

 

 

 

 

 

Adjusted Results

 

 

 

 

 

Adjusted gross margin

$

1,177

 

 

$

891

 

 

32

%

Adjusted gross margin percentage

70.9

%

 

67.7

%

 

 

320 bps

Adjusted operating income

$

694

 

 

$

501

 

 

39

%

Adjusted operating margin

41.7

%

 

38.0

%

 

 

370 bps

Adjusted diluted earnings per share

$

1.54

 

 

$

1.08

 

 

43

%

 

 

 

 

 

 

 

 

 

Three Months
Ended

 

Trailing Twelve
Months

Cash Generation

 

 

May 1, 2021

 

May 1, 2021

Net cash provided by operating activities

 

 

$

736

 

 

$

2,394

 

% of revenue

 

 

44

%

 

39

%

Capital expenditures

 

 

$

(59

)

 

$

(177

)

Free cash flow

 

 

$

677

 

 

$

2,217

 

% of revenue

 

 

41

%

 

36

%

 

 

 

 

 

 

 

 

 

Three Months
Ended

 

Trailing Twelve
Months

Cash Return

 

 

May 1, 2021

 

May 1, 2021

Dividend paid

 

 

$

(254

)

 

$

(942

)

Stock repurchases

 

 

(189

)

 

(371

)

Total cash returned

 

 

$

(443

)

 

$

(1,313

)

 

 

 

 

 

 

(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.


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