-=Analog Devices (ADI) reported earnings on Tue 23 Nov 2021 (b/o)

 

Analog Devices beats by $0.03, beats on revs; guides Q1 EPS in-line, revs above consensus 

• Reports Q4 (Oct) earnings of $1.73 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $1.70; revenues rose 53.3% year/year to $2.34 bln vs the $2.31 bln S&P Capital IQ Consensus.
• Co issues guidance for Q1, sees EPS of $1.68-$1.88, excluding non-recurring items, vs. $1.68 S&P Capital IQ Consensus; sees Q1 revs of $2.5-$2.7 bln vs. $2.47 bln S&P Capital IQ Consensus.

Maxim Integrated (MXIM) to be acquired by rival chipmaker Analog Devices (ADI) for $20.91 billion

• 400B semiconductor industry

  

Analog Devices (ADI) will acquire Maxim in an all-stock transaction that values combined enterprise at $68 bln+; expected to be accretive to free cash flow at closing and adj. EPS in 18 months post-close

Under the terms of the agreement, Maxim stockholders will receive 0.630 of a share of ADI common stock for each share of Maxim common stock they hold at the closing of the transaction. Upon closing, current ADI stockholders will own approx. 69% of the combined company, while Maxim stockholders will own approx. 31%. The transaction is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes.

This transaction is expected to be accretive to adjusted EPS in 18 months subsequent to closing with $275 mln of cost synergies by the end of year two, driven primarily by lower operating expenses and cost of goods sold. Additional cost synergies from manufacturing optimization are expected to be realized by the end of year three subsequent to closing. ADI expects the combined company to yield a stronger balance sheet, with a pro forma net leverage ratio of approx. 1.2x. This transaction is also expected to be accretive to free cash flow at close, enabling additional returns to shareholders. The transaction is expected to close in the summer of 2021, subject to the satisfaction of customary closing conditions, including receipt of certain regulatory approvals.

Analog Devices (ADI) reported earnings on Wed 30 May 2018 (b/o)

** charts after earnings **

Analog Devices beats by $0.08, beats on revs; guides Q3 EPS in-line, revs in-line 

• Reports Q2 (Apr) earnings of $1.45 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of $1.37; revenues rose 31.8% year/year to $1.51 bln vs the $1.47 bln Capital IQ Consensus.
• Co issues in-line guidancefor Q3, sees EPS of $1.38-1.52, excluding non-recurring items, vs. $1.40 Capital IQ Consensus Estimate; sees Q3 revs of $1.47-1.55 bln vs. $1.49 bln Capital IQ Consensus Estimate. 
• "Revenue from our B2B markets increased double digits year-over-year led by our industrial and communications sectors." "Looking ahead to the third quarter of fiscal 2018, we see continued strength and are expecting revenue to be in the range of $1.47 billion to $1.55 billion, and for our B2B markets to deliver double-digit year-over-year growth once again."

CNBC reco: ADI calls (Jon Najarian)

• Sept 6:  Najarian buys October $87  calls  (stock at $82)

• Oct. 20: expiration day

• 6 months later

Analog Devices (ADI) reported earnings on Wed 31 May 2017 (b/o)

** charts after earnings **

 

Analog Devices beats by $0.19, reports revs in-line; guides Q3 EPS above consensus, revs above consensus :

• Reports Q2 (Apr) earnings of $1.03 per share, excluding non-recurring items, $0.19 better than the Capital IQ Consensus of $0.84; revenues rose 41.2% year/year to $1.1 bln vs the $1.1 bln Capital IQ Consensus.
  • GAAP gross margin of 55.8% of revenue; Non-GAAP gross margin of 69.3% of revenue
  • GAAP operating margin of 12.7% of revenue; Non-GAAP operating margin of 37.9% of revenue
• Co issues upside guidance for Q3, sees EPS of $1.07-1.21, excluding non-recurring items, vs. $1.04 Capital IQ Consensus Estimate; sees Q3 revs of $1.37-1.45 bln, excluding non-recurring items, vs. $1.36 bln Capital IQ Consensus Estimate.
• "The second quarter of 2017 was a period of significant success," said Vincent Roche, President and CEO. "Business conditions during the quarter were strong, and our results were above the high end of our revised guidance range led by broad-based strength, particularly in the industrial end market. In addition, we closed the acquisition of Linear Technology Corporation and are on track with our integration activities. This acquisition creates a high-performance analog industry powerhouse, and I am confident that we are well on our way to creating tremendous value for our customers, employees, and shareholders."

ADI — is it a buy?

• Oct. 20:  #15; Is ADI a buy?

• 7 months later

Linear Technology (LLTC) to be acquired by Analog Devices (ADI) for $14.8 billion

   

Analog Devices (ADI) announced plans to buy Linear Technology (LLTC) in a deal that values the fellow analog technology company at $14.8 billion. Under terms of the deal, Linear Technology shareholders will receive $46 in cash and 0.2321 shares of Analog Devices for each Linear share they own. Based on Monday's closing prices, the deal values Linear shares at $60.05, or a 24% premium. Linear's stock shot up 29% to $62.49 in afternoon trade prior to a trading halt, after Bloomberg reported the companies were in advanced talks. Analog Devices shares had run up 3.9% prior a halt. Analog Devices said it expects to fund the transaction with 58 million new common shares, which would increase the total shares outstanding by about 19%, about $7.3 billion in new debt and cash on hand. The deal is expected to immediately add to Analog Devices adjusted earnings upon closure, which is anticipated to occur in the first half of 2017.

Analog Devices (ADI) reported earnings on Wed 5/18/16 (b/o)

** charts before earnings **

 

** charts after earnings **

 

Analog Devices beats by $0.02, reports revs in-line; guides Q3 EPS midpoint below consensus, revs below consensus :

• Reports Q2 (Apr) earnings of $0.64 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.62; revenues fell 5.1% year/year to $778.8 mln vs the $777.65 mln Capital IQ Consensus.
• Co issues downside guidance for Q3, sees EPS of $0.66-0.74, excluding non-recurring items, vs. $0.74 Capital IQ Consensus Estimate; sees Q3 revs of $800-840 mln vs. $840.44 mln Capital IQ Consensus Estimate.
• "Looking ahead, stable order flows in the B2B markets lead us to plan for a largely seasonal third quarter in these markets, and for sequential revenue growth to resume in the consumer market. Importantly for ADI, we expect our B2B markets, in the aggregate, to grow in the mid-to-high single digits on a year-over-year basis in the third quarter."