Analog Devices, Inc. (NASDAQ: ADI), a global leader in high-performance semiconductors for signal processing applications, today announced financial results for its first quarter of fiscal year 2014, which ended February 1, 2014.
“Our first quarter unfolded as we had expected,” said Vincent Roche, President and CEO. “We tightly managed operations and expenses, and kept factory utilizations low. Revenue from the end markets of industrial, communications infrastructure, and automotive totaled 88% of revenue in the aggregate.”
“In January, order rates began to improve. We ended the quarter with a book to bill that was above one and we expect this momentum to continue in the second quarter. We are planning for revenue growth and solid operating leverage in the second quarter on improving factory utilization and a good mix of business.”
ADI Increases Dividend by 9 Percent and Share Repurchase Program to $1 Billion
ADI also announced that its Board of Directors has approved a 9 percent increase in its regular quarterly dividend, from $0.34 to $0.37 per outstanding share of common stock. The dividend will be paid on March 11, 2014 to all shareholders of record at the close of business on February 28, 2014.
In addition, the Board of Directors has approved an increase to the Company’s share repurchase authorization to $1 billion.
For additional information please visit ADI’s financial press release page.
Results for the First Quarter of Fiscal Year 2014
- Revenue totaled $628 million
- Gross margin was 65.1% of revenue
- Operating margin was 29% of revenue, excluding special items, and was 28.6% on a GAAP basis
- Diluted EPS was $0.49, excluding special items, and was $0.48 on a GAAP basis
- Cash flow from operations was $157 million, or 25% of revenue