5 Earnings Reports Drawing Attention

1. Analog Devices, Inc. (NASDAQ:ADI)

Number of Hedge Fund Holders: 74

Shares of Analog Devices, Inc. (NASDAQ:ADI) closed higher on Wednesday, February 16, 2022, after the Massachusetts-based semiconductor company delivered solid profit and sales for its fiscal first quarter.

Analog Devices, Inc. (NASDAQ:ADI) reported adjusted earnings of $1.94 per share, up from $1.44 per share in the comparable period one year ago. Revenue for the quarter climbed 72 percent versus last year to $2.68 billion. The results topped analysts’ average estimate of $1.77 per share for earnings and $2.60 billion for revenue.

The company also released its segment-wise sales performance. Analog Devices, Inc. (NASDAQ:ADI) reported that its industrial revenue jumped 57 percent to $1.34 billion, while automotive revenue skyrocketed 124 percent to $552.7 million in the quarter. In comparison, communications revenue soared 46 percent to $412.4 million and consumer revenue climbed 117 percent to $378.1 million.

Analog Devices, Inc. (NASDAQ:ADI) also updated the financial outlook for its fiscal second quarter. It guided for adjusted earnings in the range of $1.97 – $2.17 per share and revenue between $2.7 – $2.9 billion. Analysts were looking for earnings of $1.84 per share on revenue of $2.64 billion.

Commenting on the quarter, CEO Vincent Roche said:

“ADI delivered its fourth consecutive quarter of record revenue with momentum across all end markets and geographies. The growing demand for our solutions and our commitment to operational excellence enabled adjusted gross margin, operating margin and EPS to achieve new highs.”

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